$SPY TOP 20
Added 2023-12-10 07:07:22 +0000 UTCAnother higher high this week and $SPY is only $19 away from its All Time High line.
We can see that there has been no pull backs, that there is now multiple gaps left behind in this Subwave 1 and it does not look like any other Subwave 1 or bounce that has come before it....in fact, it is more aggressive than any wave in Wave 3 too....and still we wait.
The extreme version is that Subwave 1 runs all the way to the All Time High line at $479 before it finally meets resistance....so going from $409 - $479 in less than 7 weeks (20% jump) would be unheard of for the market....I do not think this is healthy but people seem concerned to put their money in any other area bare the equities market right now....and to add, it is also attracting idle investors back into the market who have not invested since the market declined heavily from 2021....this is all accumulating into one large boiling pot....which is very common for Wave 5.
A melt up bordering on the absurd is very likely here, which will be followed by a large aggressive drop and we are preparing for that.
The yellow parallel channel looks to be the main resistance and support levels, which also aligns with our Wave 5 target level at $510. The 0.38 Fib is at the bottom trend line too and if the market pulls back to this level, I think everyone would be happy.
$GOOG pulled back to its 0.618 Fib, $MSFT also gave us a Wave 2, so it is possible that it will come, I believe $AAPL still holds the key here.
In the meantime, I am gaining from this run on my other stocks and take advantage of this euphoria
