Lunchtime Quick Update - Market Analysis for May 10th, 2022

With the market stretching for a lower low, I am still trying to maintain the bullish wave (4) in green, but we are barely hanging on to it.  Today's high now becomes VERY important.  If I am going to maintain this green (4), then we will need to see an impulsive and STRONG rally through that high to suggest that wave (4) is finally done - we really should be seeing that within the next day or so.  Otherwise, if we simply meander and continue to stretch much lower, the yellow count begins to gain in probability.  

5minSPX
5minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.