Inside Week So Far

The market continued modestly higher today, fulfilling the minimum expected upside at 3003 but otherwise not yet making a new high above the high made last week.

I can easily count a corrective abc off the low made on Friday nearing completion here, but until a break back below at least today's low at 2994.75 is seen, we can assume a local top to this move yet. If price does break back below that support, it would likely setup a trip back to at least Friday's low, which is where a wider corrective flat off of last week's high would try to find support.

Otherwise, if this move continues back above last week's high directly from here, it would open the door to a retest of the September high next, at which point the i-ii start to a C-wave lower shown in blue would officially invalidate. I would then consider that bullish count in red as a viable alternative.

ES Z19 - Primary Analysis - Oct-21 1227 PM (2 hour)
ES Z19 - Primary Analysis - Oct-21 1227 PM (2 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.