Yellow Update - Market Analysis for May 10th, 2022

May 10, 2022 - 11:52 AM EDT

I have been struggling to find a count that takes us down to the 3700 region for the yellow count. And, to be honest, I really think this is stretching it a bit, but, if we break 3915SPX, then I have no choice but to adopt this potential, with 4000 becoming our resistance. Again, I do not like it as it is rare to see such an extended 5th wave, but I have no choice below 3915SPX. And, I will continue to update resistance should that decline begin so we are aware as to where that can invalidate with a move higher.

Avi Gilburt is founder of ElliottWaveTrader.net.

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