SPY finishing Wave 3 at $365 then correcting to $250 for wave 4?

25 thg 1, 2020

Looking at the SPY, I have tried to identify wave patterns.
My current view is that we are finishing up wave 3
near the 2.618% extension of wave 1 at around ~$365
Wave 3 looks to be extended with 5 sub divided waves which also contains an extended sub third wave.
Wave 4 corrective target is set to $250
at the 23.6% retracement of wave 3.
This would have the wave 4 end within the span of the previous 4th wave of one lesser degree.

Using the Fibonacci extension tool to try and find a wave 5 target of the extended third wave
I find that taking the extension tool from

start of wave 1 to end of wave 3 and pulled to end of wave 4 gives the 61.8% extnesion target at ~$372


start of wave 1 to end of wave 1 and pulled to end of wave 4 gives a 2.618% extension of wave 1 for wave 5 at tartget ~$368

25 thg 1, 2020

Ghi chú

This is all wrong.
I should of looked at SPX instead of SPY to start this analysis.