Market Analysis for May 19th, 2020

May 19, 2020 - 7:33 AM EDT

Last nights yellow ABC down seems to have been only the (A) of an expanded flat.

Bigger correction rarely start as an expanded flat. Usually that is a consolidation before continuation. Not only that but it implies stronger underlying uptrend. I think this sets up extension to 3k next. Likely still just the a of 5.

@ES# - Nano Counts - May-19 0730 AM (1 min)

@ES# - Primary Analysis - May-19 0732 AM (30 min)

@ES# - Alternate 1 - May-19 0732 AM (4 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.

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