Yellow Update - Market Analysis for May 10th, 2022

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.