ES Morning Update August 11th 2022

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More upside this morning as the Tiny Wave 5 up continues. How far it goes I'm not sure but there's big resistance overhead, so it's getting close I'm sure. The RSI on this 6hr chart is back up into the overbought area so I wouldn't be surprised if we pullback some today, or at least go sideways.

Tomorrow could be choppy too with moves up and down to fool both bulls and bears alike. But again, it's only going to end the Small Wave 3 up and allow the Small Wave 4 down to start afterwards. My hunch is that next week we see that Small Wave 4 bottom into OPEX, which should unfold in an ABC pattern.

Likely we do the Tiny A next Monday/Tuesday, then the Tiny B up on Tuesday/Wednesday and finally the Tiny C down on Wednesday into Friday. All just speculation right now, but based on what I see in the technicals of course. That's all I can think of for today's post. Have a blessed day.

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