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  • Elliott Wave Update – ES – October 6, 2021

Elliott Wave Update – ES – October 6, 2021

Wednesday’s trade produced another basically up trending day.  The ES finished the regular session at Tuesday’s highs at 4358 and has continued to move higher at the start of Globex reaching 4364 thus far.  I have adjusted the Elliott count and labeling to reflect the moves.  As previously discussed the break above 4360 does extend the Minor wave 2 correction that I had previously labeled as complete at 4365.  That is now the completion point for wave ‘a’ of 2 with today’s low at 4274 the completion point for wave ‘b’ of 2.  Subsequently the rally off the low is most if not all of wave ‘c’ of 2. I would believe it is prudent to allow for additional upside to reach Fibonacci resistance for wave ‘c’ at 4379 to 4391 with a cluster of resistance at 4404 to 4420.  Once complete my expectations remain the same in that a sharp downside reversal should begin in the form of an Intermediate wave 3 decline.  Downside projections will be updated once Minor wave 2 is complete, but we have thus far continues to point to a break below 4000 taking place over the near term.


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