ES Morning Update August 8th 2022

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Over the weekend I did a Special Report that everyone should read. The code for it is: 888

Ok, for this week I'm looking for more chop between the mid-3900's and up as high as the low 4200's. Basically we need to pullback some for the Tiny Wave 4 and then do a Tiny Wave 5 up just to complete Small Wave 3 up, and these Tiny Waves can be done in a tight range if they want too... meaning maybe only 4000-4050 for the pullback for TW4 and just shy of 4200 for TW5... really hard too say for sure.

I tend to lean more toward a shallow pullback like the range I just mentioned for the Tiny Wave's and leave the mid-3900's for the Small Wave 4 pullback later on. We are due a pullback for sure and the Seasonality Chart supports that... but it doesn't suggest how deep. So from the technical picture and the wave count I (again) think it will be shallow.

My best guess is that the Small Wave 4 pullback will happen toward the end of August, and then the Small Wave 5 up will go into September to finally complete Medium Wave 1 up around 4300 or so. I've covered a lot of this already in prior posts last week and end in the Special Update post over the weekend. Nothing has changed as so far the market is doing as expected. Have a blessed day.

 

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