Monday, November 4, 2024

ES Morning Update October 8th 2024

Since yesterday failed to rally up to a new high I have to think Medium Wave 3 is finished. I've moved the Tiny Waves around a little bit to mark the finishing point for Small Wave (and Medium Wave 3) at the 9/26 all time high of 5830 on the ES. From there Small Wave A down inside Medium Wave 4 starts, and it completed a the low on 10/3 of 5725, which was the end of Tiny Wave 5... then the Small Wave B up ended at the bounce high of 5808 on 10/6.

The decline today is just Tiny Wave 1 inside Small Wave C down, and of course all C waves unfold in 5 waves and the 1's, 3's, and 5's inside them could subdivide even more. But since this is only a smaller degree wave it's likely just going to be 5 waves, which will be tiny waves.  Here's a chart below...

Once this first Tiny Wave 1 completes (might already be done?) we should get a small bounce for Tiny Wave 2, and if I had to guess this entire move should be over with by the end of this week. Now Tiny Wave 3 down "might" subdivide into 5 waves, which will be Extra Tiny Waves, and I only point that out because the CPI is this Thursday and there's a lot of time between now and then, so it might need to subdivide to eat up that much time.

Whether or not we drop into the CPI is not known.  We could top from some bounce and drop hard for the Tiny Wave 3 of Small Wave C, or we could be going into it with a low, but either way once the FP on the QQQ is hit I think the bottom will be in for Medium Wave 4 down and Medium Wave 5 up will follow and last into the end of the month (most likely).

It could be faster I guess but I'll be looking for a big blow off top to happen. I really feel strongly that the satanists that run this world will hit a ritual number again like they did at the 2009 low when they hit the 666.79 on the SPX. Meaning we could hit 6066 on the ES or SPX, or 606.66 on the SPY, but I do think they will do it.

So if you are short already you know the downside target now to exit at, and to get long for the last rally before the big drop happens.

Have a blessed day.

Red
Author: Red

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