SPY has finally arrived to the June 17th, 2022 lows to form that double bottom (Yellow Circle). At the close of day on 9/23/22, SPY formed a hammer candle on the daily timeframe right atop the demand zone . On the weekly, SPY hovers closely above the 200 day moving average. Also, I have noticed that SPY has a MACD crossunder on the weekly timeframe . In contrast, there is a possible bullish divergence forming on the weekly timeframe .
As far as Elliott Wave goes, we may have just completed wave 1 of Wave C of the overall (ABC) corrective wave that began at the beginning of the year.
As stated, this is a HHUUUGGEEE level to watch. With Friday, 9/23/22 closing with a hammer candle, I am watching for a bounce here to begin corrective wave 2 within Wave C of the overall (ABC) corrective wave that began at the beginning of the year.
Let's see what happens :)
As far as Elliott Wave goes, we may have just completed wave 1 of Wave C of the overall (ABC) corrective wave that began at the beginning of the year.
As stated, this is a HHUUUGGEEE level to watch. With Friday, 9/23/22 closing with a hammer candle, I am watching for a bounce here to begin corrective wave 2 within Wave C of the overall (ABC) corrective wave that began at the beginning of the year.
Let's see what happens :)
Dennis Butler Jr.
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.
Dennis Butler Jr.
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.