Thursday’s trade was on the lite side as the U.S. observed Veterans Day. The ES started the session at the day’s highs but did complete the bounce off of the 4625 low from yesterday. I have updated the labeling with the addition of the completion point for Minor waves 3 and 4. If this is the case expectations would be for Minor wave 5 to push prices lower with a new low under 4625 needed before completing. Support below at 4622 and then 4600 to 4584. Once the initial Minor 5 waves down are complete look for a decent 3 wave bounce higher as the ES also on a Minor degree. Tomorrow is also an weekly options expiration with several corporate titans still in play which brings greater volatility to direction as positions get adjusted when the underlying moves quickly thru option strike prices. Allow the market to dictate direction – trade smart – use the MA’s, Fib levels, and Elliott patterns to guide trading.
November 11, 2021