SPY update: Watch out for a crash
SPY has moved almost as predicted in my October post (see below - load new bars and enjoy the magic!).
Although wave 4 has moved quite a bit above the predicted level - right into the Wave 2 territory - SPY could still drop down to 2100-2200 levels after facing resistance at the upper trendline. It appears that SPY is developing an expanding diagnoal pattern instead of a typical five wave impulsive pattern but that doesn't change the bigger picture shown in the chart below.
Invalidation: This pattern will be invalidated if SPY develops a support above the upper trendline.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
October SPY Idea
Although wave 4 has moved quite a bit above the predicted level - right into the Wave 2 territory - SPY could still drop down to 2100-2200 levels after facing resistance at the upper trendline. It appears that SPY is developing an expanding diagnoal pattern instead of a typical five wave impulsive pattern but that doesn't change the bigger picture shown in the chart below.
Invalidation: This pattern will be invalidated if SPY develops a support above the upper trendline.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
October SPY Idea
Nota
Alternate scenario: An alternate scenario is possible where wave A is already complete (three waves instead of five waves originally suggested) and SPY is now moving up in wave B. PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Penerbitan berkaitan
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.
Penerbitan berkaitan
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.