ES Morning Update November 17th 2021

This new video by Peter Eliades is very much worth watching. He’s looking for one more slightly higher high and then the end of the world… LOL. I only see a 20% or so correction and then back up to crazy insane levels in 2022, so I’m not looking for this top to be “the final top” that last for a decade or more. And I’m sure Peter is getting a little “over excited” in his video and of course doesn’t mean it’s the final top.

But he’s very right that it’s a very important one as we haven’t see any kind of correction at all this year that would be a scary one like a 20% drop will be. We’ve just had a lot of 3% pullbacks and then the most recent 6% one. Anyway, as I’ve pointed out in many posts over the many years the week of the monthly options expiration tends to either rally up or go sideway to make options expire at max pain, so if we are going to hit Peter’s upside targets I’d look for it to happen on Friday.

The market is trying to put everyone to sleep right now so they all miss the coming drop that will probably start in the futures this coming Sunday and last all week long. But the really scary month will be December of course. Nothing has changed for me as I still think we’ll break 4000 before we break 5000. Have a great day.