Friday’s trade doesn’t offer much in the way of changes to the current Elliott count for the ES. The ES continues to trace out what is best viewed as the final stages of a minor wave 5 to complete the larger Intermediate wave 3. There remains the possibility that last week’s high at 4211 complete the advance which suggests the beginning stages of a larger Intermediate wave 4 correction is underway. For this count to gain a higher probability the ES would need to begin to accelerate lower with a break below 13812 without much hesitation. Failure of this taking place, the ES is likely still in the process of putting the finishing moves to the larger Intermediate wave 3 advance. This would include a break to new highs above 4211 with the next zone of resistance beginning at 4225 to 4235 and then the 4250 area. A move to stronger resistance at the 4300 area should not be ruled out yet. Expectations remain for a larger Intermediate wave 4 correction to begin and move more persistently to the downside.
May 3, 2021