Elliott Wave Update – ES – May 4, 2021

Tuesday’s trade was picture perfect in terms of the ES following through on yesterday’s analysis. I have been discussing that the ES has been held above 4160 for about a week and needed to move to a new low below 4164 to complete the current sequence. I also discussed that the market would drop with greater intensity should 4160 be broken. Well, I got both today with the ES dropping quickly to support at 4118 with the low being 4120. This level appears to have completed the wave 4 correction and the lift off from the low is likely the restart of wave 5 advance to new highs to complete minor wave 5 and in turn Intermediate wave 3.