Friday’s trade did give us the confirmation I was looking for to mark the end of the small 4th wave correction and the start of a 5 wave advance. I’ve updated the Elliott count to reflect the advance thus far. Showing the completion of waves 1 and 2 of the wave 5 up, which in turn will complete minor wave 5 and in turn Intermediate wave 3. within the current 5 wave advance the 3rd wave is performing as expected continuing to push high thus far as of this recording reaching 4236 – Resistance comes in at 4242 which may contain the advance and set in motion the next small corrective wave. A push above 4242 though would clear the path for a rally up to next resistance at the 4300 area. For now, I’ll let the market tell us where it wants to go and remember to continue to trade what is happening in front of us.
May 10, 2021