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

May 12, 2021 - 11:41 AM EDT

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.

5minSPX

Avi Gilburt is founder of ElliottWaveTrader.net.

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