Tuesday’s trade brought about a shift in my Elliott count for the ES. The break lower today led me to label the 4549 high as the completion point for all the advancing sequences on a minute, Minor, Intermediate, Primary and Cycle degree. This then suggests the decline off of the 4549 high is the initial 5 waves down to kick off the larger correction. Support for the initial 5 wave sequence comes in at 4425, 4387 and then 4348. Ultimately I would expect this initial sequence to reach 4348 to 4320 before a stronger bounce takes place.
September 14, 2021