SPY: So far what we are seeing playing out is one of two counts. I'll post if this one looks like it doesn't fit the structure. Currently building wave 2 higher degree, and finishing up. As far as fib relationships, the 100% and 127.2% is where i would am looking to see weakness start to build in relation to economic data and ER's. We'll see.
SPY levels:
Yellow fibs are the retracement of wave 1 of higher degree. Typically we see wave 2's land in the golden zone which is between 61.8% and 78.6%. We'll have to see if we get that far. I'm watching the 50% which leads towards the 100% and 127.2% extension for wave C though it can go to 161.8% with lower probability.
P.S. I will be away for a little bit, have personal stuff + holidays coming up however will post from time to time on larger structures.
Good Luck Traders.
SPY levels:
Yellow fibs are the retracement of wave 1 of higher degree. Typically we see wave 2's land in the golden zone which is between 61.8% and 78.6%. We'll have to see if we get that far. I'm watching the 50% which leads towards the 100% and 127.2% extension for wave C though it can go to 161.8% with lower probability.
P.S. I will be away for a little bit, have personal stuff + holidays coming up however will post from time to time on larger structures.
Good Luck Traders.