Market Analysis for Aug 11th, 2022

Aug 11, 2022 - 10:19 AM EDT

Took countertrend short against ~4250 key level. Sellers couldn't amount to anything. Stopped quickly -11.5pts.

Might be done for the day already. Staying disciplined as it's still very early in the month and we've been crushing it with +130 pts in the bank.

Don't wanna overtrade here now as it could become a vicious grinder into Friday EOD highs ~4300. (a bit too far to chase for me based on R/R)

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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