Elliott Wave Update – ES – May 3, 2021

Monday’s trade again did not offer much in the way of updating the Elliott count. I am continuing to view the ES as continuing to trace out a small 4th wave correction – Support at 4165 to 4160 is likely strong enough to contain the wave and finish the correction. This suggests that an additional wave 5 advance will carry the ES to additional new all time highs above 4211 with resistance remaining at 4225 to 4235 and then 4275 to 4300. Expectations remain for the Intermediate wave 3 advance to complete at the higher resistance levels and yield to a larger Intermediate wave 4 correction to begin.