Testing Important Support - Market Analysis for May 12th, 2021

I wanted to send out another update today, as the market is testing important support right now.  As I noted earlier today, there is a bit of support just below us now, as low as 4070SPX.  But, in truth, I really need to see the market hold in this region right now, and give us a wave iv bounce.  

However, if we see continued weakness below 4080, that is a strong warning that the yellow count may be in play.  Will provide another update later today.

Avi Gilburt is founder of ElliottWaveTrader.net.