ES Daily Hamonic Elliott Wave Analysis
Hi traders and followers,
Let's first see what was my published analysis yesterday: I expected us to go lower and bottom at 3745.25, and the actual bottom today was 3735.25.
My daily perspective is still the same, I only needed to update the hourly count. I mentioned that I expect a flat being developed as wave b of Y. Today, (b) of b was completed as shown on the chart. Some nice fib extensions can also be found. So, wave (b) was a double zigzag (abc). If the flat is playing out, we should see a nice rally this week for 5 waves up (wave c), possibly to 4300 area (that is just to give you an idea of how far I expect this wave c to go higher, we can provide more precise targets later as the wave develops).
What is the other possibility that we also need to keep in mind? it is possible that wave b of Y was actually completed on May 31st, and we are now in c of Y. If this is the case, we just need some change in the labeling: w was (1) of c of Y, w was (2) of c of Y and y was (3) of c of Y.
Conclusion: we see that both scenarios are pointing to a rally from this point. The extent of this rally (larger rally of 5 waves up for c of b of Y or smaller rally of 3 waves up as 4 of c of Y) will help us to see which of these two scenarios is actually playing out.
Have a nice trading day tomorrow, and until the next daily update tomorrow.
Let's first see what was my published analysis yesterday: I expected us to go lower and bottom at 3745.25, and the actual bottom today was 3735.25.
My daily perspective is still the same, I only needed to update the hourly count. I mentioned that I expect a flat being developed as wave b of Y. Today, (b) of b was completed as shown on the chart. Some nice fib extensions can also be found. So, wave (b) was a double zigzag (abc). If the flat is playing out, we should see a nice rally this week for 5 waves up (wave c), possibly to 4300 area (that is just to give you an idea of how far I expect this wave c to go higher, we can provide more precise targets later as the wave develops).
What is the other possibility that we also need to keep in mind? it is possible that wave b of Y was actually completed on May 31st, and we are now in c of Y. If this is the case, we just need some change in the labeling: w was (1) of c of Y, w was (2) of c of Y and y was (3) of c of Y.
Conclusion: we see that both scenarios are pointing to a rally from this point. The extent of this rally (larger rally of 5 waves up for c of b of Y or smaller rally of 3 waves up as 4 of c of Y) will help us to see which of these two scenarios is actually playing out.
Have a nice trading day tomorrow, and until the next daily update tomorrow.
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