Wednesday’s trade continued to adhere to current analysis. The ES rallied off the opening reaching resistance at 4696 and appeared to be headed for a move back above 4700 – stopping just short of that level before turning and selling off. I’ve updated the labeling to reflect the moves. I am continuing to count a Minor degree 5th wave advance. Within wave 5, the NQ has completed minute waves 1 thru 4 subdividing within wave 3 as discussed on Tuesday’s update. The 4th wave may still be in progress with another dip towards the hourly 200 MA at 4668 possible. Expectations then remain for the minute 5 wave to finish to the upside by breaking above resistance at 4696 and on up to next resistance which is 4706 to 4712. This level may basically hold =/- a point or two in either direction allowing for a small pullback before the final push to new all time highs. Resistance for minute wave 5 is at 4715 to 4725, 4730 to 4735, and then 4750.
November 17, 2021