Tuesday’s trade did clear up the Elliott count for me. I have changed the labelling back to the preferred count and updated the labelling to reflect today’s activity. I reinstated minute wave 3’s completion point at the 15134 high. This morning’s decline did break below yesterday’s lows, but did not break below 14811 which kept the preferred count in place. The decline did though put in a low for the subminute wave 2 correction. The advance that launched off of that low appears to have completed 5 waves up. This would be labelled as subminute wave 1 of minute wave 5. There may be additional upside before any correction begins and at this point I would look for next resistance at 15097 to 15120 to contain it and give way to a subminute wave 2 correction. At this point I would expect a little bit deeper correction with the potential for a drop below 15000 and possibly as low at 14955 before the advance picks up again. Those levels are also based on the closing high at 15050 being the completion point for sub minute wave 1 of minute wave 5. Expectations remain for the minute wave 5 advance to push towards new all time highs above 15200 to 15400 before completing.
August 3, 2021