Tuesday’s trade produced an additional new high for the ES at 4798 which I have now labeled as the completion point for the minute 3rd wave, with the expected 4th wave correction still underway. The pattern thus far does reveal a small 3 wave decline to the low at 4770. However, the rally off the low has also produced 3 waves up which leads me to conclude that the 4th wave still needs a “C” wave decline before completing. Support remains at 4754 to 4744 and at this stage I would suspect this zone will contain and complete the balance of wave 4. Expectations remain in place for the ES to break to new highs above 4800 with levels at 4813, 4854, and 4892 still in place. As well as 4993 still carrying potential in being reached.
December 28, 2021