ES Morning Update February 28th 2024

Pretty much as expected yesterday… a little lower throughout the day and then up into the close.  That bounce was likely a B wave, which clearly ended as we are back down again this morning.  So I have to think we are now in the C wave down of Small Wave 4 and will finish soon, probably in a day or so.

Then we should start Small Wave 5 up to complete Medium Wave 3, which might end by the end of next week? If so, I’d look for Medium Wave 4 to play out during the week of OPEX, which should be followed by Medium Wave 5 up into the turn date on March 22nd.  This is the ideal path but we all know the market rarely plays out like you want it, so I’ll just adjust as we go forward.

As for today, I think the upside is limited as we appear to be in a C wave as I said, but it should end today or tomorrow and then we start back up.  My target is 5190-5225 to complete Medium Wave 3.

Have a blessed day.