Elliott Wave Update – ES – May 24, 2021
Monday’s trade did follow through to the upside which of course changed the labelling a little bit. Yesterday I had marked the end of the Minor b of Intermediate wave 4 at Friday’s highs with the market then being in the early stages of minor wave c down. Well as they say – the best laid plans….! Not to to worry though I also included yesterday the potential for the ES to continue higher and higher it did go. Back above 4200 reaching the target at 4206. This level represents the area where wave “c” of b is equal in length to wave “a” of b, which is the most common relationship between ‘a’ and ‘c’ waves. For tomorrow I need to continue to leave open the potential for a continued rally to reach the next Fibonacci zone of resistance at 4242 to 4264. Expectations remain for a Minor wave “C” to bring the ES back down below 4000 to complete the larger Intermediate wave 4 correction.