Sunday, June 16, 2024

ES Morning Update May 9th 2024

It looks to me that Tiny Wave 4 down finished early yesterday and Tiny Wave 5 followed the rest of the day. It's either finished or should finish today, and then Small Wave 4 down should follow, which might last in tomorrow or Monday? Target is still a test of the 5150 zone, which it might pierce and reach 5100, but that's not something I can predict for certain.

After that, which will be next week, we should see that last Small Wave 5 (possibly Wednesday?), which might make a slightly lower high (truncated 5th), or higher high. I lean toward the higher high as that will suck in the most bulls to finish Medium Wave C up inside Large Wave B up. That's the ideal move to trap the most traders on the wrong side before we get the drop for Large Wave C down. It might end before the end of the month and then we get a quick bounce up and back down for a double bottom around May 30th or 31st where "turns" commonly happen.

That's a tough call to figure out in advance, so I'll just have to keep adjusting as we go forward in time. If I can see 5 clean waves down for Large C into say the 24th (for example), and we hit the FP, then I'd look for for a bounce the following week that gets retested into the 30th or 31st as I don't think we are going up huge until the start of June.

Have a blessed day.

Author: Red

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