October 3, 2021

Elliott Wave Update – ES – October 3, 2021

Friday’s trade created an additional revision to my current Elliott count.  I continue to favor the ES remaining in the initial stages of an Intermediate wave 3 decline.  I have dropped the completion point for Minor wave 1 down at Friday’s lows 4260 low, which then suggests that the rally off the low is  Minor wave 2 bounce.  The Globex session is favoring the buy side to begin.  The ES should find resistance at 4367 to 4377, with Fibonacci resistance at 4390 to 4409. Once the bounce is complete my expectations would be for the decline to pick up the pace as it drops in a “3 of 3” type move.  Remember this is the area where a “point of recognition” will occur.  The point that the market realizes the trend change again which would be down.  Also tonight I give a quick recap of the depth of the correction now in its beginning stages.