September 24, 2021

Elliott Wave Update – ES – September 23, 2021

Thursday’s trade continued to march higher with the opening being very strong to the upside.  The break above the “no break” zone at 4425 negated the current labeling but didn’t change the “corrective” nature of the overall move.  I have updated the labeling and from the high at 4549 the ES has moved lower in a 3 wave pattern of a Minor degree a-b-c, which I have labeled as Intermediate wave A.  The rally phase off the 4294 low remains an a-b-c structure of a Minor degree and is continued to be labeled as a-b-c.  Waves ‘a’ and ‘b’ are completed placing the ES in a ‘c’ wave advance to complete an Intermediate wave B.  It does appear that additional upside will be needed before the move is complete.  Resistance remains at 4460 to 4485.