Quick Update - Market Analysis for Jan 10th, 2022

While the market is extremely oversold at this time, support seems to be trying to break in here, which is not what I expected in direct fashion.  But, if we see a break down below the 4600ES region, then it opens the door to the yellow count as shown.  It means we can see a continuation towards the 4535-4560ES region, followed by a bounce back to the pivot.  If the pivot holds, then we follow through down to the 4400 region.  But, if we break back over the pivot at any point in time, the market remains in the diagonal.  There is still potential for whipsaw here.

Bulls have to turn this up strongly now through 4625ES

60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.