$SPY TOP 20
Added 2024-05-27 16:08:26 +0000 UTCI have added in the white fib levels for this Wave 5 too, like on the $QQQ chart and again they align with incredible accuracy.
The 0.38 Fib aligns with the green resistance line which caused the price action some issues in March and the 0.5 Fib aligns with the 50 Day MA now too.
So a pull back to these these levels should be expected and if these levels are confirmed as support, bulls would be happy to add again to buy the next leg up to complete Wave 5.
Losing the 50 Day MA would be an interesting development but the bulls fought hard to reclaim the 50 Day MA and bought in their droves, losing it on the retest would be a statement that they are getting out.
Comments
Any reason why a correction? Liquidity cycle or just purely TA?
BBindelay
2024-05-28 19:39:08 +0000 UTCYes, ABC corrections are not pretty
Gareth Neary
2024-05-28 09:48:33 +0000 UTCYou foresee such a steep drop back in late 25?
BBindelay
2024-05-27 17:14:27 +0000 UTC
