$SPY TOP 20
Added 2024-11-17 20:08:36 +0000 UTC$SPY is also still holding up very well in spite of the pull back on Friday
All that we can see is that the $600 level hit exactly and met some resistance.
Price is still above its previou ATH green line at $565, still in the rising wedge and still above its 50 Day MA.
The only further note to add is that the 1.618 Fib which is a common resistance line is now offering some resistance.
A rising wedge in Wave 5 is extremely common and we call these ending diagonals and crucially, they can only be found in Wave 5's and not Wave 3's, so we know the market is in a Wave 5.....and an ABC correction alway follows Wave 5.
Both scenarios are still on the table right now, a melt up and break down scenario.
The tech sector is likely going to play a big role in how this moves next.
But it is getting hot in here now....we know it won't be too long before the market needs to cool down.
Comments
Hi, what would you advise should be a stop loss level we put here? Ie what would be the confirmation level that we are in the ABC correction phase. Tks!
KG
2024-11-18 15:39:07 +0000 UTC
