ES Morning Update April 17th 2024

A “pause” day yesterday as the market completed what I think was Extra Tiny Wave 4 and 5, which completed Tiny Wave 3 down. After that is Tiny Wave 4 up, which could be very small as I posted on my chart I did of the wave count from Friday, April 12th close.

Now if we get any kind of good squeeze going then T4 will probably last about a week and could retrace 50-61.8% of the entire drop.

It’s a tough call on what is going to play out. If the market can’t get much going on the upside today then I think time will run out for the bulls and that we’ll start Tiny Wave 5 down, which could reach the FP on the SPY by tomorrow. It’s a “gut” feel thing right now on whether or not we are going to rollover hard or delay it and start a good rally as I don’t know which scenario is correct.

Have a blessed day.