SPY/SPX ABC Flat Correction Possible
The bullishness in the last few trading days suggests this market wants to head higher.
Putting the bearish bias aside, there might be a possibility of pushing up to ATH by September/October.
This may be followed by a C Wave down as schools and major businessed start to open, allowing the fundamentals to come into play.
Currently, I believe the second wave of the move up is just starting.
Invalidation will be a drop below 2765. Either way, staying short till the market starts to show signs of a rebound up.
So in summary,
Putting the bearish bias aside, there might be a possibility of pushing up to ATH by September/October.
This may be followed by a C Wave down as schools and major businessed start to open, allowing the fundamentals to come into play.
Currently, I believe the second wave of the move up is just starting.
Invalidation will be a drop below 2765. Either way, staying short till the market starts to show signs of a rebound up.
So in summary,
- Bullish short term
- Bearish long term
Currently at 3220 area and looks like the third wave of the final up wave.
Looking for a pullback to buy back in and ride the last wave.