Market Analysis for May 6th, 2020

As difficult as it is to believe this might still be attempting a nominal new high as the (v)th of c of 3.

It had an opportunity to start a yellow c of 4 down last night, but as cautioned the move off the Sunday night low could count as 5up, and this only managed a shallow 3down before coming right back up toward yesterday's high. Until 2844 breaks we cannot even consider a restart to that yellow c. And as discussed yesterday the 2820-2800 region is also support for the 5up off 2770.

Remember, we are still over the GT level, and RV is <20.

The 4th will still target the lower 2700s. But there is a slight chance this is actually the start of a green 5th already.

@ES# - Nano Counts - May-06 0734 AM (5 min)
@ES# - Nano Counts - May-06 0734 AM (5 min)
@ES# - Primary Analysis - May-06 0739 AM (1 hour)
@ES# - Primary Analysis - May-06 0739 AM (1 hour)
SPX.XO - Micro Counts - May-06 0740 AM (15 min)
SPX.XO - Micro Counts - May-06 0740 AM (15 min)
@ES# - Alternate 1 - May-06 0741 AM (1 day)
@ES# - Alternate 1 - May-06 0741 AM (1 day)
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.