Monday’s trade did clear up some details as to direction of degree. The ES initially started higher as Globex opened yesterday. It didn’t last very long and as the Asian markets opened the downside kicked in a bit stronger with the ES heading lower. Once the US opened the support at 4447 came into play and while initially holding did eventually break with the ES sliding below 4430 and again below 4418. This gave me enough support to change the labeling to suggest the 4631 high did complete Intermediate wave 2 with the Intermediate wave 3 decline underway. I have updated the Fibonacci extensions to reflect the move in progress and show the probable support levels to complete the internal portions of the larger Intermediate wave 3 and the Minor wave 3. Support levels to look for now start at 4410 to 4400 and 4376 and continue at 4363, 4342. and 4294 – which is the Fibonacci 1.618 level to complete minute wave 3.
April 12, 2022