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  • Elliott Wave Update – ES – September 6, 2021

Elliott Wave Update – ES – September 6, 2021

Friday’s trade was reactive to the Employment Situation numbers, but failed to break strongly lower and once the U.S. session got underway buyers returned with the ES putting in a solid rally.  The ES did though push to a new high at 4549.50 after the number was released on Friday and the still stands as the market begins the next Globex session today.  I have updated The Elliott labeling to reflect the completion point for the minute wave 4 correction, which suggests the ES is now heading higher in a minute wave 5 advance.  I have also added the next layer of Fibonacci extensions for minute wave 5.  On the chart then are Fibonacci resistance levels for Intermediate wave 5, Minor wave 5 and minute wave 5.  The zones remain in line with a finishing advance up to at least 4600 with stronger clusters at 4625, 4637, and 4551 to 4660.  Downside should again be shallow with moves being held above 4525 to 4514.  A break below the 200 MA at 4514 would begin to show market weakness, but would not negate the upside potential for a finishing advance to the 4600 area.


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