The Elliott count has been updated. The market currently remains in the process of tracing out a minor wave 5 advance off of last week’s 13773 low. I have labeled Friday’s globes high at 14059 as the end point for minute wave 1 with a minute wave 2 in progress. This small wave 2 correction has traced out waves a and b with a c wave decline underway. Support to possibly complete the move forms a zone from 13945 to 13933. A break below 13933 drops the support zone to 13912 to 13891. Once wave c and in turn minute wave 2 are complete, expectations for the a 3rd wave up to begin. Even at the minute degree initially I would be looking for the market to break above 14059 without much hesitation along the way.
April 19, 2021