Tensions remain high as the U.S. and Western Europe expect a Russian invasion of the Ukraine. The military build has continued although there remains hope for a diplomatic resolution to be had. There was a news report that Biden and Putin have agreed to a “summit” and that has produced the 4th wave bounce now underway. As far as the ES goes, the markets did open lower as Globex started on Sunday. The NQ reached a low at 4313 and that level looks to have complete subminute wave 3 of minute wave 3, with a subminute wave 4 bounce now underway. Resistance for the move comes in at 4371 to 4394 but expectations would be for the high of wave 4 to come in below 4400. Expectations remain for the ES to again drop lower to complete the minute wave 3 before again putting in a minute 4th bounce and a 5th wave decline to complete the Minor wave 3. Support remains at 4300, 4288, 4250, 4217. Ultimately the ES continues to have potential for a stronger drop to complete the Minor 3rd wave with support at 4162 to 4100 then coming into play.
May 19, 2022
Thursday’s trade was to be expected as the ES finished a quick 5 waves ...