$SPY TOP 20
Added 2024-04-30 18:32:14 +0000 UTCI have added the 1hr chart and the daily chart here.
The Daily chart is just to show how close the price went to the 50 Day MA before rejecting.
And we got the clear test and rejection today.....but like I said in the group chat, it is only Tuesday and there are important earnings out in 1 and a half hours that could cause this to pop back up and test the 50 Day MA again.
On the 1hr chart the rejection is more evident and it also hit a trend line that has been in place since the pull back began at the start of the month.
For us students of EWT, what is most notable is the 3 wave bounce since the low last week, in a down trend and there is a 3 wave bounce, then this is part of a corrective wave.....if we saw 5 waves then we would assume that this is still in an impulse wave and a new high can be expected....but right now, there are clearly only 3 waves present.
$MSFT is also looking very weak right now too and if it makes a lower low below $388, this is further evidence of a firm rejection its own 50 Day MA and will likely follow $AAPL down next.
