Tuesday, May 21, 2024

ES Morning Update March 7th 2024

The market continued higher yesterday and then pulled back some around midday and went mostly sideways into close. We did not make a new all time high (which I didn't think we would) and are likely still in a Tiny Wave B bounce, inside Small Wave 4, which the B wave is subdividing too it seems.

I don't think we have finished it as the technicals suggest we need more time to get the short term charts overbought again. But that doesn't mean it will be an a straight line of course. Most likely this is Tiny Wave B and it's subdividing, which suggest it might not top until tomorrow, or Monday?

Today could be choppy again with some more "pulling back" first, but I don't think it will take out the low from Tuesday. Possibly it's a B wave inside the B wave? If so, then there's a C wave up inside Tiny Wave B still yet to come.

As you can see in the 2hr chart above this could do a lot of chop into next week, but we could bottom into the CPI? If this plays out then I'd look for the rest of next week to carve out a Tiny Wave's 1 and 2... which leaves 3, 4 and 5 to finish all the waves up to complete Large Wave 3 (or C) the week after that. Ideally we top into the March 22nd turn date, but who knows if that happens or not.

I can only say that so far this has been tracking pretty good. The waves within waves aren't easy to predict, nor the price levels, but it's still been "on track" for the most part.

Have a blessed day.

Author: Red

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