Sunday, May 26, 2024

ES Morning Update January 9th 2020

Nothing exciting about the market this morning as it up again as usually. That ABC down we had over the last week or so still looks like a wave 4 of some smaller degree. Odds are we are in the wave 5 up now, and it's looking like it wants to hit 3300 at least. It's just a waiting game right now. I still think "they" will hold the market up into the monthly options expiration of the VIX next week (Tuesday is the last trading day), and maybe even the Index expiration on Friday? Bottom line is that I expect a high at some point next week to end this smaller wave 5 up, and probably end some larger degree wave 3 up?

Some think we are in a larger degree wave 5 up and when it ends a major correction will start, but I suspect it's just a larger 3 wave and the correction down won't be huge (like 300-400 SPX points), but will still be a very nice drop. I'm thinking in the 150 point range, and I think it will be just a larger wave 4 down with a larger 5 up to follow right afterwards. Another huge rally up into spring/summer will just destroy the bears, especially if it blasts through 3300 and maybe hits 3400? Don't know how high it will go but it should be high enough to get everyone bullish. This is all just speculation right now.

My main focus is just to catch the coming drop, regardless of what wave count it turns out to be. I'm still on the sidelines and will remain so until next Tuesday to let the VIX expire. And I want to see that 3300 hit as well. When that happens I'll start looking for a short. Have a blessed day. God loves all us sinners. Thank him for that...

Author: Red

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