Tuesday’s trade did open the doors to buyers today. The ES did not start strong out of the gate this AM but did gain energy and put in a solid rally into the close, with a strong drop off the highs once NFLX reported. I have updated the count labeling again. The changes do not diminish the intensity or probability of the Intermediate wave 3 decline reaching its intended target. I have also added additional retracement levels to reflect the potential for the bulls. Also, include that the ES does still have the potential to trade in a “box” or “flat” type of structure over the next few days as the current Minor wave 2 corrective bounce continues to play out. So, bottom line continues to leave room for another strong upside run and keep an eye on downside breaks of price support and then yesterday’s Globex lows.
April 19, 2022