Mini SP500 Intraday Review

ESM16-May-9-2016

I am looking at this SP500 as a potential corrective decline with another smaller correction in progress. There is very little room to move here so it won’t take very long for the markets to show us that they want to push higher. Gold sure has reacted to this and so has oil. If we were to progress down with these many  overlapping waves, we will  take forever to get anywhere.  If we are going into a longer sideways triangle type move, then it will also take more time. Right now the Mini SP500 can’t dip into the 2045 price level and it sure must not dip below, 2030. Short term I look at staying bullish but not for the long term as I feel the “big one”  is still to come.  

I can read all sorts of waves on this and even an Intermediate degree wave 2 top, so we have to wait and only take shorter time trades until this clears up a bit more. 

 

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