ES Morning Update August 17th 2022


I did this chart yesterday after the close. It's looking good this morning as the market has started to pullback some, and the RSI is going back down now. Again, I don't think this is the start of anything big on the downside. It's just the Small Wave 4 starting I think... meaning Small Wave 3 up very likely has ended.

Nothing is a 100% of course but odds say it's done and we have now started some Tiny Wave inside Small Wave 4, which again I think can drag out for weeks now. After this Friday the rest of August is bearish, so it's likely going to be the choppy period for Small Wave 4 to play out. It could last only a week as I mentioned at the beginning of this week, which I suggested it would be over with by this Friday, but here it is Wednesday and we've just start it... meaning I'm off on "time" and therefore it's likely going to last longer. I'd say now that it last until the end of August and then the Small Wave 5 starts up. But again, that's just an estimate. Not much more to add, so have a blessed day.

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