Elliott Wave Update – ES – May 5, 2021

Wednesday’s trade fell neatly within the current Elliott count. Included today are updates to both the preferred and alternate counts. The preferred count remains that the market is moving high in a minor 5th wave which should ultimately take the ES to new highs. Currently within the new wave 5 structure it appears that wave 1 is complete and wave 2 nearly so. To complete wave 2 would need to put in a low under 4153. There is a small support zone at 4147/4143 which should contain the move and complete it. Both the preferred and alternate counts would suggest that once complete the next sequence “up” will be a 5 wave structure. The difference being that under the preferred count I would be looking for new highs above 4211 while under the alternate count I would not expect new highs. For I’m looking to the market to tell me which is taking place.