ES Morning Update January 21st 2022

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Well, we did bounce yesterday for what was still likely a wave 4 but it didn't go as high as I'd like to have seen and then we collapsed into the close. Timing is very hard with this market but at least it's going to my downside target of 441.65 on the SPY (a FP) and should put in the low slightly below (or above?) it today.

Clearly this bottom is coming sooner then I thought as I was leaning toward next Wednesday to Friday, but it is what it is I guess. We could still chop some into the FOMC next week but we should reach the bottom today. After this we should start the move back up to a double top into mid-February I think. Pullback some later in the month and run back up for a new all time high into March. Target is still just a hair under 5000 SPX for this final high. Then we tank into June with 3700 as my target low.

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