Tuesday’s trade was again very much in line with expectations for the current Elliott count. I’ve updated the chart labeling for the ES to include the completion points for minute waves 1 and 2 of the Minor wave 3 in progress. This morning’s low marked the completion point for minute wave 2. The rally did reach the hourly 200 MA as the minute wave 3 rally kicked in. I again review the Elliott count in detail along with expectations for the continuation of wave 3 as it subdivides. I include Fibonacci levels for both the upside and downside. Today’s closing high likely completed or nearly so wave 1 of 3, which suggests a wave 2 correction should be about ready to kick in. Support for the correction comes in at 4695, 4683, and then 4672. Resistance comes in at 4715, 4749, 4774, and 4797 to 4808 and above 4750 could be expected to complete wave 3 of 3.
January 11, 2022