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.
June 1, 2021