ES Morning Update February 10th 2023

Support finally got broken yesterday as the market fell out of the rising triangle. At this point I think the chop is done and from here going forward we should start going down nicely with smaller bounces along the way.

Remember that this is likely a Small Wave 3 inside a Medium Wave C and all that chop we’ve had for the last 5 days was the 1′s and 2′s of various smaller degrees. So if I’m correct we are entering the multiple layered wave 3′s that just won’t let the bulls out or the bears a good bounce to short.

It should be steady down from here forward. Bounces should get smaller and smaller and drops should be deeper and deeper. We are only in the beginning stages of this right now so do understand that we really haven’t even started the carnage yet. This is nothing as it’s going to get really ugly in the coming days… if I’m right?  Have a great weekend.