Monday’s trade was picture perfect and in line with yesterday’s update. The ES continued lower along with some strong periods of acceleration. I have updated the Elliott count to reflect today’s completion of Minor wave 3. Expectations for tomorrow – the ES should now trace out an a-b-c (3 wave) advance to put in Minor wave 4. Fibonacci resistance and Elliott charting suggest the ES will likely find resistance to complete the bounce at the 4370 to 4380 area. Once complete expectations are for a Minor wave 5 decline to begin and ultimately bring the ES to new lows below today’s 4294 low. Additional support is included with tonight’s update.
September 20, 2021