Thursday’s trade was again on the slow side under lite volume. Nonetheless, the ES did make an additional new high at 4544 before turning lower. While not totally clear the small 4th wave correction I’ve been tracking may still be in progress, with a “C” wave now underway. While there is the possibility that wave “C” completed at the globex low at 4517.50 I’m going to leave open the possibility for additional downside reaching next Fibonacci support at the 4502 to 4478 area before wave 4 is complete. Once complete though, expectations remain for a minute wave 5 to get underway and ultimately bring the ES to new all time highs. First above 4555 and then 4573 to 4581 with additional potential for a run above 4601. The U.S. markets are closed on Monday, but Globex sessions will take place on Sunday and again on Monday. My next update will be on Monday after the globex session begins.
September 2, 2021