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

While the market has reacted off that support from yesterday, we are still a far cry from being able to claim the bullish trend has begun in earnest.  We may still have another iv-v subdivision here as I have noted in blue on my chart.  We MUST see a clear 5-wave rally to assume that we are on our way. Until then, I remain quite cautious.

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