Market Analysis for Feb 5th, 2021

I think we are going to be due for another small degree fourth soon. Ideal support will be 3840s-3820. After so many of the twos being so shallow any fourth that drops under a 23.6% retrace of the prior third seems SO deep. #DontPanic

I adjust my subwaves off the Oct low for ES/SPX to be further along inside the heart of iii of 3 of (3). That makes the Jan 31 low technically a micro 4 of iii of (iii) inside circle iii (to avoid overlap).

We know that according to FibPinBall the 3 of (3) should gravitate (or levitate) to the 100% or 123.6% extension of (3). Those are 4425 & 4869 respectively. From here we can see a lot of chop expanding the range between the 4100 region and 3700s to build a new base with these increasingly large fifth of threes and wave fours before getting a bigger rally into 4400s. There will be numerous opportunities for rotation.

(Insert StockWaves plug here)