Monday’s trade added to the advance off of the 4460 low. The ES did break and close above 4472, which as I discussed would cause a re-labeling of the degree of the initial decline off the all time high at 4559. Those changes have been made and discussed on tonight’s update as well as an adjustment being made degree wise for the Intermediate wave “B” in progress off of the 4260 low. Within wave “B” the internal waves ‘a’ and ‘b’ are complete with wave ‘c’ also having completed waves 1-4. This then suggests the ES is moving higher in the finishing wave 5 of ‘c’. The ES does now carry the potential to break above the existing high at 4559 creating new all time highs. Fibonacci resistance for wave “c” and the internal wave ‘5’ of “c” are included. For Tuesday the expectations are for pull backs to be on the shallow side — with a small wave 2 of 5 likely. Support for the move comes in at 4464 to 4454. Resistance begins at 4494 and then 4512 to 4530.
October 18, 2021