Market Analysis for Apr 8th, 2020

Zac, why do you have a green subwave count pointing DOWN!? Isn't green what you use for the most bullish case?

I am glad you asked.

Se the green b wave is what I see as the most immediate bullish case. I have it labeled as "a-b" inside the 3rd of an LD but it could just as easily be the "i-ii" in the 3rd of an impulse.

I might have mentioned a few times why I lean to an LD for (1) of P.5...

Another one of those reasons is that a possible impulse here might reach a nominal new ATH... you might think that is good... but more often 5up to a nominal new high is ALL of a muted 5th wave rather than just (1) of an extended 5th.

It is MUCH better we get 5up for (1) a good bit below previous highs to have a greater probability of prolonging the party for several more years.

@ES# - Primary Analysis - Apr-08 1116 AM (2 hour)
@ES# - Primary Analysis - Apr-08 1116 AM (2 hour)
@ES# - Alternate 1 - Apr-08 1119 AM (2 day)
@ES# - Alternate 1 - Apr-08 1119 AM (2 day)
@ES# - Nano Counts - Apr-08 1114 AM (5 min)
@ES# - Nano Counts - Apr-08 1114 AM (5 min)
SPX.XO - BIG Macro - Apr-08 1120 AM (1 week)
SPX.XO - BIG Macro - Apr-08 1120 AM (1 week)
SPX.XO - Micro Counts - Apr-08 1121 AM (2 hour)
SPX.XO - Micro Counts - Apr-08 1121 AM (2 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.