$SPY TOP 20
Added 2024-03-03 19:34:40 +0000 UTCExact same commentary for the $SPY as I just gave for the $QQQ, we are also seeing some rotation into smaller cap stocks this week too. Which is good for the market, keeps the $SPY moving higher, with the market holding its capital nicely and still seeing a drift to the $516 target.
Again no extensions just yet to Wave 5 and still above its 20, 50 and 200 Day MA's, so there is no need to bet against the market just now.
We will move into defensive and secure positions when we see positive signs of a rejection and reversal....for now, we wait and observe and still make some money from the upside.
Comments
So the long term chart was done on a projection of where we believed Wave 5 would complete and its going a little higher now, so Wave C moves higher with it....its all relative to how high Wave 5 goes....if it extends higher than our projection, than Wave C moves higher too. The 0.618 Fib is also the standard level for Wave C, it can of course come down to the 0.78 Fib which would be lower and close to $360
Gareth Neary
2024-03-04 13:14:22 +0000 UTCABC correction shows 0.618 at 418 which is much higher than the long term chart. Or does it means if it breaks (c) wave it may drop to possibly of 360?
Huat
2024-03-04 13:11:24 +0000 UTCSo my $AMZN position is the $SPY to me, so if $AMZN rejects at $188 for Wave 5, I will trim 20-50% of my position to add in lower.
Gareth Neary
2024-03-04 12:48:04 +0000 UTCOk Huat, so instead of me telling you the answers to this and nobody learns, lets look at this, why would the 0.618 Fib be finishing higher now?
Gareth Neary
2024-03-04 12:47:01 +0000 UTCHi Gar I am quite puzzled I remember your long term chart has spy possibly to go to 360 however the chart now seems not the case?
Huat
2024-03-04 12:39:51 +0000 UTCThanks, Gar. You mentioned at some point that you would trim your position to take profits and get back in at the 0.5 Fib. How much would you trim?
Thomas
2024-03-03 19:37:24 +0000 UTC
