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Forewarning MPT Members Ahead Of Market's Recent Nosedive

On Wednesday, September 7, during one of Mike Paulenoff's frequent intraday updates of the E-Mini SP 500 futures contract (symbol ES) to keep MPTrader members informed about dominant near and intermediate-term trend direction in the index and the SPY ETF, Mike posted an important warning:"ES from a BIG Picture perspective shows the weakness off of last Friday's (9/01) rally high at 4547.75 into this AM's low at 4434.75 (-2.5% of the 4.5% gain from 8/18 to 9/01), which we can "imagine" is a potentially meaningful "Right Shoulder" of a June-September developing Top Formation.

Need Evidence of Starting a 4th Wave Bounce

The market curled back up shortly after the open, but so far has failed to exceed the signal resistance cited in the morning update at 4380. That level still needs to be cleared in order to treat wave iii of (c) complete and a wave iv bounce starting.If price maintains above the morning low and does get above 4380, then 4424 - 4478 is the current target range that can be reached as wave iv of (c) before completing and turning back down for one more low as wave v of (c).

A Humble Thank You

A Humble Thank YouTo say that I feel blessed truly does not express my deepest feelings of gratitude at this time. As we now celebrate our 12th anniversary at Elliottwavetrader, there has been so much we have accomplished. And, yet there is still so much more to which we aspire.I am truly fortunate to be able to virtually come to work every day and stand shoulder to shoulder with some of the best analysts I have met in the world.

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