ES Morning Update November 17th 2020


The futures are pulling back small this morning and resting on support from the 50 period moving average on the hourly chart. I still think we are in medium wave 4 down and that it's subdividing into smaller waves. Yesterdays lower high probably ended the small B up and we should be starting the small C down next. It too could subdivide... I don't know? But I suspect we'll see a move down the falling yellow trendline just below 3500 in the next few days.

Time wise though this wave should last into at least this Thursday I think as that would be 10 days in length from the 11/9 high and end of medium wave 3 up. Then medium wave 5 up should start by next week and it could last into the first week or two of December since medium wave 1 up and 2 down were 18 days, and medium 3 up was 10 days. What I'm saying is that medium wave 5 up should be somewhere between 10-18 days I believe.

Of course they can extend and extend, both in time and price, but since medium wave 3 up was short in time compared to medium 1 up I have to think medium 5 will be closer to medium 1 in time instead of medium 3 was. Just a hunch of course. That's all I have for this morning. Have a very blessed day.


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