I've heard other pundits that the rise off the lows, the 1,2, 1, 2 was all a wave 1 and the most recent significant pullback was a wave 4. While possible, with the bullish momentum of late, seemingly we're in a wave 3 with some bullishness left in the tank.
People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only the magnificent 7 are over-valued... there are still so many stocks that look like they're maybe going to start to participate, a look at the IWM and what appears to be a breakout of a longer-term consolidation, hints that the market may be okay for a bit. Bullish, not overly as the big boys chill a bit.
We shall see.
#SPY #waveanalysis
People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only the magnificent 7 are over-valued... there are still so many stocks that look like they're maybe going to start to participate, a look at the IWM and what appears to be a breakout of a longer-term consolidation, hints that the market may be okay for a bit. Bullish, not overly as the big boys chill a bit.
We shall see.
#SPY #waveanalysis
Nota
Looking pretty good here, seemingly we're in a wave 5 of a wave 1 on a larger timeframe or the beginning of a 3.3... either way, manage your risk and be bullish until we're not. :)Note: Logically there's no way wave 2 above after the 1,2, 1,2 was a 4 purely because Dow theory forbids 4 retracing into wave 1 territory which it clearly did. Subsequent price action indicates high likelihood it was a 2 and nice pulling right back to previous resistance.
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.