SPY: Correction soon?
In May of 2021 I suggested we may get a bullish correction in the DJI (if interested see link below which gives a longer term pattern.) A similar pattern is present in the SPY .
The bullish move developed. To me we are at a fork in the road. It is possible that wave 4 of the final wave up (5) is over in which case price will continue up to the top of the channel or just above likely after a short correction.
But the wave pattern from May of 22 to now looks like another expanding triangle. If correct wave 4 is not over and we could see a major intermediate correction to finish wave 4 followed by a final wave up.
Supporting some kind of correction soon is the low volume on the price rise and the bearish divergence in the daily RSI . Watch for a price close below the current up trend line .
The bullish move developed. To me we are at a fork in the road. It is possible that wave 4 of the final wave up (5) is over in which case price will continue up to the top of the channel or just above likely after a short correction.
But the wave pattern from May of 22 to now looks like another expanding triangle. If correct wave 4 is not over and we could see a major intermediate correction to finish wave 4 followed by a final wave up.
Supporting some kind of correction soon is the low volume on the price rise and the bearish divergence in the daily RSI . Watch for a price close below the current up trend line .
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