Steve666 As promised, this is the current outlook I have of SPY.
On the far left, I have the first 5 wave motive count as a downtrend. The wave begins at the start of 2022 and makes 5 waves down. It is then followed by a corrective wave (double bottom). The high of this corrective wave was a little higher than I anticipated and slightly broke the trend but theory isn't perfect, just a guide. It eventually continued lower with another 5 wave count. I projected the bottom would be found in the zone outlined in this idea.
Elliot wave theory suggests that the trend is moving in a 5,3,5,3,5 pattern. If this holds true, we should be in a corrective wave. Since wave A has not confirmed yet, I projected some targets. I projected wave A to close the gap and reach former resistance at about 410ish. Wave B is at least a 50% retracement from the wave A high. The retracement will be somewhere within the bottom pink zone. Wave C is projected to be the same length as wave A (+/- a Fibonacci level). This means wave C tops out at the major resistance of about 430 which happens to be where wave 4 topped out. From there, we should see one more downtrending 5 wave count.
Eager to hear your thoughts...
On the far left, I have the first 5 wave motive count as a downtrend. The wave begins at the start of 2022 and makes 5 waves down. It is then followed by a corrective wave (double bottom). The high of this corrective wave was a little higher than I anticipated and slightly broke the trend but theory isn't perfect, just a guide. It eventually continued lower with another 5 wave count. I projected the bottom would be found in the zone outlined in this idea.
Elliot wave theory suggests that the trend is moving in a 5,3,5,3,5 pattern. If this holds true, we should be in a corrective wave. Since wave A has not confirmed yet, I projected some targets. I projected wave A to close the gap and reach former resistance at about 410ish. Wave B is at least a 50% retracement from the wave A high. The retracement will be somewhere within the bottom pink zone. Wave C is projected to be the same length as wave A (+/- a Fibonacci level). This means wave C tops out at the major resistance of about 430 which happens to be where wave 4 topped out. From there, we should see one more downtrending 5 wave count.
Eager to hear your thoughts...
Ghi chú
Looks like my A wave was pretty close, but my B wave pulled back waaaay too far. I will still maintain the same target for now and look more into corrective wave patterns. Also considering that my wave 5 is wrong and we are just entering corrective wave A. Watching closely.
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.