ES Morning Update June 16th 2020

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The market did indeed turn back up yesterday and rally nicely. This morning it's up more. I was 50/50 on whether or not this bounce would happen but it's here now and we'll just have to see how far it goes before running out of steam. It could go all the way up to the 3190-3200 area to fill the gap down from last week, but I'm staying short as I just don't want to miss the big drop that should start next week.

Between now and then we should expect wild swings up and down to shake out bears and trap bulls, and that's what we are getting this morning with this premarket rally. Prior to the fake virus hoax if the DOW moved a 1000 points (100 on the SPX) it would be a "limit" move and stop trading. But today moves of a 1000 points up or down are daily occurrences. Crazy market for sure, or so we just call it the wild wild west now?

I really don't have much more to add today as I covered what I'm expecting for this week and next in yesterdays post. And last week I talked about a series of wave 1's down and wave 2's up... which would setup a bigger wave 3 of 3 of C down next week. I think that's what we are getting now with weeks drop being some wave 1 down and a wave 2 up is now in play. When it ends today or tomorrow another wave 1 down of larger 3 down should start. Then maybe the 2 up of 3 down on Friday?

It's all lining up for a nasty drop next week. But trying to play the moves isn't something I want to risk as again, I don't want to miss this big drop move. My timing skills on trying to catch the top of the last bounce before the big drop hasn't been that good in the past. So I just decided to ride this one out instead. Have a blessed day and remember that God is ever present and in full control. Never give up and never take the vaccine.

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