$SPY updated wave count
Hey guys, hope everyone survived the bath today.
Looks like we went a little lower then expected. I thought we already were in the relief rally wave A, but it appears that we were still in the zig zag. As of now this appears to be the highest probability of what we will see over the next week or so before the next leg down (no I dont think it is over yet).
Today I kept trading to a minimum since the market went against my initial thought process, nothing wrong with sidelining for a bit as you take it all in. As of now based upon what I am seeing (RSI divergence on all time frames that I have looked at, MACD curling on hourly) I believe we will get an early flush tomorrow or overnight to tag our wave 5 which happens to be a previous pivot AVWAP, which is wave A bottom of wave Y. Then we should get a ripper abc 3 wave taking us back up to the downtrend "zone". This is what I expected to start the week, but it appears I was most likely slightly early. I expect a to take us back to 433 range, then dip, then up towards maybe 438 or so before we risk the final leg down. On the chart the red circle depicts where I would be ultra careful/ contemplate adding short positions or closing any profitable longs from any dip buys. Also, the green channel was our secondary downtrend line and it also houses the ATH AVWAP as well which could be an area we fail to get above. Red circle encompasses that entire "caution" zone.
Bulls - cards are stacked against you here especially with OpEx coming up. You need to make a 3 wave into an impulse and quick!!! Otherwise we likely see spy 420 or lower
Bears - keep selling the rips
Be careful out there everyone!
Looks like we went a little lower then expected. I thought we already were in the relief rally wave A, but it appears that we were still in the zig zag. As of now this appears to be the highest probability of what we will see over the next week or so before the next leg down (no I dont think it is over yet).
Today I kept trading to a minimum since the market went against my initial thought process, nothing wrong with sidelining for a bit as you take it all in. As of now based upon what I am seeing (RSI divergence on all time frames that I have looked at, MACD curling on hourly) I believe we will get an early flush tomorrow or overnight to tag our wave 5 which happens to be a previous pivot AVWAP, which is wave A bottom of wave Y. Then we should get a ripper abc 3 wave taking us back up to the downtrend "zone". This is what I expected to start the week, but it appears I was most likely slightly early. I expect a to take us back to 433 range, then dip, then up towards maybe 438 or so before we risk the final leg down. On the chart the red circle depicts where I would be ultra careful/ contemplate adding short positions or closing any profitable longs from any dip buys. Also, the green channel was our secondary downtrend line and it also houses the ATH AVWAP as well which could be an area we fail to get above. Red circle encompasses that entire "caution" zone.
Bulls - cards are stacked against you here especially with OpEx coming up. You need to make a 3 wave into an impulse and quick!!! Otherwise we likely see spy 420 or lower
Bears - keep selling the rips
Be careful out there everyone!
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.