ES Morning Update October 30th 2020


Yesterday did give us that DOJI or slightly green candle I was looking for but the futures went lower afterhours and into this morning into the 3220's before bouncing back up. Clearly if the take out the prior low around 3200 from 9/24 the bulls are in serious trouble.

From a technical point of view though this is still following the common pattern that I discussed a few days ago concerning breakouts or breakdown from rising or falling channels. Today is the third day outside the channel and while it's not a rule written in stone that's about the average time to end it and make a turn.

Previously it broke out of a rising channel on 10/8 and topped on 10/12, which was 4 days as that happened over the weekend where 10/10 was a Saturday and closed. So if the low holds today and any move down just makes a higher low then odds will increase for a bottom of this move to have been put in. It went deeper then I thought it would but it's still falling into line with a medium wave 2 down and keeping my wave count alive.

It's looking like some wild moves will happen around the election, which should be up for medium wave 3 that might be the result of an early Trump victory. Then some indecision and mail-in vote counting delays should give us a medium wave 4 down the week or two after the election.

Basically until it's resolved and a clear winner is declared. That should then spark the last rally up for medium wave 5 to 3650-3700 SPX, and I'm still thinking it will play out into the monthly options expiration for November. Assuming Trump wins (and I pray he does) the deep state will then likely attempt to stage some kind of False Flag(s) event(s), which will be all that is needed to cause the crash in the market to start in late November I think.

The market is setting itself up for the perfect crash and all that is needed is some kind of bad news to trigger it. I pray it's not some nuke going off in America some where and only something like a liquidity freeze on money so the banks collapse and take the market down but no one knows for sure except God.

This article is worth reading:

TOTAL WAR is coming to America after Biden is DEFEATED on Nov. 3rd; prepare for every worst case scenario you’ve ever imagined


Have a blessed day and weekend. Always remember that God is in full control.

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