Elliott Wave Update – ES – May 20, 2021
Thursday’s trade was picture perfect in terms of the moving averages being in alignment on the charts, with the up trend being in force for the entire session. As a day trader these are the most profitable days. I have updated the Elliott labelling which shows the larger Intermediate wave 4 correction still in progress. With wave A of 4 complete and wave B still in progress. Within wave B of 4 the ES have completed the internal waves ‘a’ and ‘b’ with a ‘c’ wave advance underway. Within wave ‘c’ – sub waves 1-3 appear complete with a small 4th wave nearly so. This suggests an additional wave 5 of ‘c’ is needed to complete the sequence and in turn wave ‘c’ of b and of course wave ‘b’ of 4. Resistance to complete starts at 4190 with the likely target at 4205 coming in to play.