SPY update: Watch out for a crash
SPY has moved almost as predicted in my October post (see below - load new bars and enjoy the magic!).
Although wave 4 has moved quite a bit above the predicted level - right into the Wave 2 territory - SPY could still drop down to 2100-2200 levels after facing resistance at the upper trendline. It appears that SPY is developing an expanding diagnoal pattern instead of a typical five wave impulsive pattern but that doesn't change the bigger picture shown in the chart below.
Invalidation: This pattern will be invalidated if SPY develops a support above the upper trendline.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
October SPY Idea
Although wave 4 has moved quite a bit above the predicted level - right into the Wave 2 territory - SPY could still drop down to 2100-2200 levels after facing resistance at the upper trendline. It appears that SPY is developing an expanding diagnoal pattern instead of a typical five wave impulsive pattern but that doesn't change the bigger picture shown in the chart below.
Invalidation: This pattern will be invalidated if SPY develops a support above the upper trendline.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
October SPY Idea
Nota
Alternate scenario: An alternate scenario is possible where wave A is already complete (three waves instead of five waves originally suggested) and SPY is now moving up in wave B. PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.