ES Morning Update November 23rd 2020

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The futures are up slightly this morning but they look flat on the chart. I tend to think we'll rollover today and drop for the rest of the small C wave down, with 3450-3500 possible. My guess is that it's a slow move down in front of Thanksgiving this week, as it's easier for them to control the move down during light volume periods. If it plays out like this then this small C wave down will end medium 4 down either before this Thursday or the day after.

Then medium wave 5 up takes us up into mid-December where the blow off top happens and ends the entire series of waves up from the March lows. I'm labeling the February to March drop as an extra large A wave down and the rally up from that low to the expecting coming high in a few weeks as an extra large B wave. That means the the extra large C wave down will follow and take out the March lows before it's finished... which might happen by April of 2021, not sure?

This is how I see it right now. Of course I'll adjust if things change. For today I think there's very limited upside and at some point we'll turn back down and head for that 3450-3500 area into Wednesday, maybe Friday. Have a wonderful Manic Monday.

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