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Elliott Wave Update – ES – September 16, 2021

Thursday’s trade continued to follow current analysis in that the ES remains in the process of tracing out a Minor wave 2 correction.  Within wave 2, (consisting of 3 waves labeled a-b-c), waves ‘a’ and ‘b’ are complete with wave ‘c’ getting underway off of today’s 4433.50 low.  Thus far within wave ‘c’, which ultimately will form a 5 wave structure, it appears there remains an additional wave up to come.  Resistance for the completion of wave ‘c’ comes in at 4485 to 4487 with additional resistance at 4499 to 4502.  Either zone has an equal probability of being reached.  Once wave ‘c’ and in turn the Minor wave 2 are complete the ES should begin to move lower in a Minor 3 wave.  The market should pick up the pace to the downside and not have to much trouble break back below 4425.  Additional support comes in at 4408 and then 4348.


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