Today’s podcast kicks off added coverage of the long term to near term to daily picture for the ES. Using Elliott wave and Fibonacci I map out where the market has come from in terms of the big picture view and where it may be going to in terms of trend “degrees”. I use Elliott wave and Fibonacci plus moving averages on an intraday basis for entry and exit trading strategy.
Currently the big picture for the ES suggests the market has been in the process of move higher in a Cycle degree 5 wave advance that began off of the 1974 lows. Within the Cycle degree advance waves 1 – 4 are complete. Cycle wave 5 began off of the March 2009 low at 665.75. Within Cycle wave 5 the market has completed Primary waves 1 – 4. Primary wave 5 began off of the March 2020 lows. Within Primary wave 5 the market has completed Intermediate waves 1 and 2. Within Intermediate wave 3, minor waves 1 – 4 are complete. Within minor wave 5, internal waves 1-3 appear complete with a small wave 4 correction in progress, support for its completion comes in at 4156 to 4158. Expectations remain for the ES to again move higher to complete minor wave 5 and in turn Intermediate wave 3. resistance starts at 4183.50 with a stronger zone above at 4225 to 4260. Ultimately, though, expectations for the larger Intermediate, Primary, and Cycle degree moves continue to favor a move at least to 4300 to complete the Intermediate level, 4410 to 4525 for the Primary level with the strongest resistance zone being found at 4600 to 4740 to complete the Cycle level advance. As the moves progress fine tuning the Fibonacci levels will tighten expectations.