Morning Update - Market Analysis for May 24th, 2022

The market is now  approaching the lower end of support.  But, I do not have a clear bottoming structure for this decline yet.  Therefore, we will need to see a micro 4th wave bounce very soon to suggest that support is going to hold.  Otherwise, if we see a sustained break of support, then it again opens the door to a test of the 3756SPX region.

Again, remember, in order to gain a strong indication that the market has bottomed, we need to complete 5 waves up, a corrective 3-wave pullback, and then rally over the prior high of the initial 5 waves up.  We are not there yet.