$SPY TOP 20 - FULL BRIEFING ON THE MARKET AND MY POSITIONS -

OK, Sundays brief on the $SPY has been playing out as we explained so I'm going to add more detail now.

The price action is exactly at the 50 Day MA right now, slightly dipping below it in the PM now, as there is a mixed reaction across different sectors in the PM too after yesterdays harsh sell off.

A continuation of yesterday's sell off today will paint a big picture for us, explaining that there is concerned weakness in the market.....it is particularly interesting to see a sell off across every security position, which is uncommon.

So what is the plan if the 50 Day MA is lost at $541?

• If $541 is lost today then I expect a pull back to the Subwave 3 peak (bottom red line) at $533, unless there is excessive selling, I would expect a bounce then back up to test the 50 Day MA, right now it is at $541, where the top red line is at.

• IF there is a rejection at this 50 Day MA from below, then we will assume that there will be more downside and the price action can follow the amber arrow down to our Wave A level and meet the 200 Day MA on the way.

• IF there is a retest of the 50 Day MA from below and a recapture of this level (like it did in the first week of May) then I expect the price action to keep moving higher and follow the green line to the Wave 5 target.
  

This is the same plan as I set forward at the weekend and the same plan that guided us in April and May.

NOBODY can say for certain which direction this will go, all we can do is plan for a rejection or a recapture of important levels.

You have all the information now to prepare for this movement

$AMZN is my only position I will consider trimming with a rejection of the 50 Day MA as this is also in Wave 5.

$SHOP is not in Wave 5 but its impulse count is under pressure, I will need to make a decision whether or not I am willing to hold until support is found.

None of my Chinese positions I am going to touch, they are closer to their 52 Week low and remain undervalued, I do not sell at these levels while being fundamentally undervalued.

I am holding my oil stocks, SILVER and $ETH and will be adding to SILVER when support is found above the 20 Day MA.

The only other position I am considering right now is adding $IWM if it can hold above its $210 breakout level as a hedge against the S&P 500.

That is all.

I have been waiting patiently for a market correction and I have over 50% waiting in cash plus my Silver position as a safe haven.

I want this correction to take place but I will wait until it is confirmed.