ES Morning Update May 11th 2021


The pullback yesterday is too deep to be a medium wave 4 I think, or at least it's pushing the limits for that wave count to remain accurate. I am looking for a move back up today but how much I don't know? The 4170-75 support area was lost yesterday, so now it's resistance. I'm now 50/50 that we'd topped already and started the move down to 4100 or slightly below it.

I don't think we'll get to 4000, but possibly 4050 if this continues down. I really wanted to see that 4260-4290 area hit first but the market rarely gives you what you want. Very frustrating to have missed this move down as I really wanted to short it. But that higher price zone wasn't hit so I sat on my hands and watched the south bound train leave without me. However, I still think it's planned and that the drop we had yesterday and into this morning is going to be reversed back up.

This morning I think we bottom around the current zone, as the 1hr, 2hr and 4hr charts are all oversold right now. There's not much left on the downside for today and by the normal first hours of trading have past we should have started the turn back up. I still think we have another new all time coming, which should enter my 4260-4290 zone, probably by this Thursday or Friday. After that then we should drop to sub-4100 I think, which should be into early next week. Good luck to bulls and bears alike. Have a blessed day.

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