S&P 500 / Elliott Wave Update 09/26/2021

Friday's trade did remain within parameters laid out on Thursday's update.  The ES did not move above Thursday's high at 4455 but the trading action into the close and at the start of Globex on Sunday points to a higher opening for the U.S. on Monday.  I've added several layers of Fibonacci retracements and extensions to give us some indication of where the top could come in.  The higher probability zone runs from 4464 to 4474 with 4479 on the topside of resistance.  Once complete expectations would be for a larger "C" wave decline to begin.  Remember under Elliott guidelines all "C" waves are 5 wave structures.  I also include Fibonacci extensions for the expected "C" wave decline.

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