Path for higher remains intact

By Garrett Patten

Jun 2, 2025 - 3:08 PM EDT

Following the initial dip lower this morning, the market has been trending higher since with price now clearing the high made on Friday. This action increases the probability that Friday's low completed wave b of (v), but the market is not completely out of the woods yet.

The next step to confirm the immediately bullish blue path is to fill out either 5 waves up from Friday's low or breakout above last week's high. Otherwise, there remains some risk that this bounce off of Friday's low is corrective as at least wave B of a wider flat b-wave shown in red. 5948.50 - 5971.25 is immediate fib resistance above that should hold if red wave B of b. It also happens to be near-term resistance for wave (3) of 1 even if following the more immediately bullish blue count.

ESM25 - Micro - Jun-02 1207 PM (15 min)

ESM25 - Micro - Jun-02 1207 PM (15 min)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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