• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – September 9, 2021

Elliott Wave Update – ES – September 9, 2021

Thursday’s trade so an increase in volume as the minute wave 4 correction continued.  I have again adjusted the labeling as the ES moved to a new low during the globex session at 4485.  After today’s session it appears that the low at 4485 completed wave ‘a’ of minute 4, with the rally to session highs at 4529 being wave ‘b’ of minute 4.  This then suggests that decline off the high is wave ‘c’ of minute 4, which may be in its final stages.  With the switch in contracts from September to December there is a small gap as the globex session gets underway.  I have updated the chart with Fibonacci extensions to show the most probable support levels to complete wave ‘c’ of minute 4.  First up is 4479 which has been reached, more common though is the level where wave ‘c’ would be equal in length to wave ‘a’ and that sits just below at 4465.  There is additional support below at 4451 and 4441 and while the market can certainly drop to those levels it is cutting it close with the “no break zone” at 4414.  For now the benefit of the doubt continues to favor the completion of minute wave 4 and the start of a minute 5th wave advance complete with new highs above 4550 to 4600.  Once wave 4 is complete and wave 5 is underway I will update the Fibonacci extensions for wave 5.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.