Tuesday’s trade remained in line with current analysis. The ES looks to have completed the Minor wave 4 bounce at the Globex high at 4395.75 and turned lower in the beginning stages of the Minor wave 5 decline. This will then complete a larger 5 waves down of a Minor degree, which again gives support for the high at 4549 completing the advancing sequences from minutte to Cycle degree. So again it appears that the ES has begun what is likely to be a long term corrective phase. Being in the initial stages continues to reveal that there will plentiful trading opportunities for all levels of traders from position traders to swing traders to day traders. What does increase which is always a good thing is the volatility. For tomorrow I would continue to be looking for some acceleration to kick in as the ES drops in wave 3 of ‘C’. Support levels for Minor wave 5 are included in tonights update.
September 21, 2021