Beginning in March 23, 2020, the SPDR S&P 500 ETF Trust (SPY) has seemingly followed a basic Elliot Wave Theory (EWT) trend.
Wave (1):03/23/20 to 08/31/20
Beginning around $219 and ending near $360, this wave is the apparent first in a new trend following the pandemic-related selloff.
Wave (2): 08/31/20 to 09/21/2020
A short but valid corrective wave, ending around $320.
Wave 3: 09/21/2020 to 08/30/2021
The longest and most powerful wave; building bullish sentiment throughout the wave.
Wave (4): 08/30/2021 to 10/04/2021
Another short but valid corrective wave, not exceeding a 38.2% retracement.
Wave (5): 10/04/2021 to 01/03/2022
The final wave of the EWT macro move was far shorter then wave 3 and was driven by a smaller group of traders.
Following the fifth wave appears to be a beginning of a correction movement against the macro-trend. If EWT plays out and holds valid, three corrective waves would be expected before the index returns to its macro-trend.
Would appreciate any feedback from anyone knowledgeable in EWT. Thanks.
Wave (1):03/23/20 to 08/31/20
Beginning around $219 and ending near $360, this wave is the apparent first in a new trend following the pandemic-related selloff.
Wave (2): 08/31/20 to 09/21/2020
A short but valid corrective wave, ending around $320.
Wave 3: 09/21/2020 to 08/30/2021
The longest and most powerful wave; building bullish sentiment throughout the wave.
Wave (4): 08/30/2021 to 10/04/2021
Another short but valid corrective wave, not exceeding a 38.2% retracement.
Wave (5): 10/04/2021 to 01/03/2022
The final wave of the EWT macro move was far shorter then wave 3 and was driven by a smaller group of traders.
Following the fifth wave appears to be a beginning of a correction movement against the macro-trend. If EWT plays out and holds valid, three corrective waves would be expected before the index returns to its macro-trend.
Would appreciate any feedback from anyone knowledgeable in EWT. Thanks.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.