• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – October 7, 2021

Elliott Wave Update – ES – October 7, 2021

Thursday’s trade continued to trend higher for the morning session.  The ES  did reach resistance at 4420 and then spent the balance of the session moving lower. It is too soon to tell whether or not today’s high marks the completion point for the Minor wave 2 bounce.  Therefore we still need to allow for additional upside reaching higher into the resistance zone which runs from 4440 to 4450.  However, if the ES breaks below the hourly 20 MA and then again below the hourly 50 MA at 4365 and the hourly 200 at 4356 it would build a much stronger case that the Minor 2 correction is complete with the Minor 3 decline underway.  Minor 3 should contain stronger periods of acceleration to the downside and ultimately below the low at 4260.  Expectations would be for Minor wave 3 to drop the ES below 4000 before it completes.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.