Elliott Wave Update – ES – May 31, 2021
Friday’s and Monday’s trade did not alter current analysis. The ES did move up to first resistance at 4215 but the verdict is still out as to whether that completed wave 1 of the next 5 waves up or did it complete wave ‘b’ of a minute wave 4 correction with a ‘c’ wave decline underway now. Fibonacci levels to the upside remain in place for now, but I’ve added Fibonacci extensions to put parameters around a ‘c” wave should that be ini progress. For the immediate upside scenario to remain valid the ES can’t drop below 4178. A break of that level would negate upside for now. Also if the upside scenario is in force – something will need to light a fire under the buyers to move more insistently and break above 4225.