ES Morning Update March 3rd 2023

We got the bounce up yesterday that I was looking for, which I think continues into Monday. However, today I think is a small down day. I still don’t think the bottom is in for this pullback, which on my prior posts I’ve labeled it as Extra Tiny Wave 2 down, which should end around the mid-3800′s or it will take out the stops below that zone from the two week chop zone in December and reach the 3700 area.

If that happens the wave count will change. I’m not sure what will be right now but will redo it if it happens. But will continue to be correct from the January high in 2022 down to the October low that I have labeled as Small Wave 1 down. From that low we have been in Small Wave 2 up of Medium Wave C down, and trying to figure out all the smaller waves inside it are just a best guess.

So while I have drawn on the wave count chart many times in the past that we should have one last wave up to 4250-4300 that’s not a guarantee. For all I know we could have topped at the high on 2/2/23, which I’ve currently got labeled as Extra Tiny Wave 1 inside Tiny Wave C up. Meaning that top could be “the top” for Small Wave 2 up and that we aren’t going up to 4250-4300 to end it.

But I won’t know that unless we take out that two week chop zone last December, which would be into the 3700′s basically. We’ll take it one day at a time. For now I think today is just a small down day and Monday it up again to test yesterday high and take it out a little. Then down on Tuesday if all goes as planned. Have a great weekend.