ES Morning Update March 18th 2020

The market is down again this morning as it just can’t seem to hold any gains. It’s a bounce one day and give it all back the next type of trading environment. Maybe yesterday was part of the ABC up for a wave 4 move, but we’d need to stay above the current low for this to be the B down and Tuesday the A up. If so then we should get 2 days up in a row for the C wave I’d think. It’s really kinda worthless right now trying to find the bottom it feels.

I’ll include this video from Peter Eliades that has a downside target on the Nasdaq-40 week projection of 6166.97-5382.85, and the Nasdaq-4 year projection shows 6308.97-4805.821, so unless that get invalidated that’s where we are headed to. If you pick 5000 as a middle ground then the DOW would be around 14,400 and the SPX around 1700, but that’s only if the ratio between them stays the same… which I doubt if that happens. No matter what, it’s some scary low numbers. Here’s that video.

Have a blessed day and remember that God is in full control.