$SPY TOP 20
Added 2024-01-01 16:13:01 +0000 UTCI think we all understand that we are in Wave 5 now for the market, after pulling back for Wave 4 between August and October and running aggressively since the 1st of November.
How high Wave 5 runs to still remains to be seen, if we consider the length of Subwave 1 of Wave 5, jumping almost 20%, then Wave 5 could run extended but we will watch how the subwaves move before jumping to any further conclusions.
For now I have Wave 5 completing at a modest $510 marker but I would not be surprised to see it end at $540.
l have added in the pull back Fib levels in white if we get our pull back at $510.
0.5 Fib level represents a 50% drop from the Covid Low and the $510 high, this is a standard correction pull back level.
If the $SPY can pull back to this level in 2024, I will be buying a large amount and building my portfolio around this position.
I would consider DCA'ing under $400, which is the 0.38 Fib.
In the meantime, we are still waiting for Subwave 2 to come in and the white support line seems like the ideal level at $455.
