$SPY TOP 20
Added 2024-02-25 20:16:25 +0000 UTC$SPY had a great week and for the first time since December 2022, the price action was able to break out of this channel and finish the week above this level at $507
For the last 10 months we have had Wave 5 for the $SPY finishing at $510 and we are very close to it now.
We can see here that the 1.27 Fib is at $516 and if $SPY wants to extended, the 1.618 Fib is at $545....which is nearly a 10% gain from here.
I think we need to monitor closely for any rejections soon.
I have added in the ABC correction now and it also aligns with all our other Mega Caps, completing their Wave C by the end of October....back down to at least the $432 level.
This doesn't seem too harsh but members of this group who have been here for Wave 4 between July and November, where many believed the end of the world was happening, will know that it can feel very harsh at times.
Pulls backs are what I live for....I spend the majority of my investing life looking for them, this is where the real wealth is created.
Members need to start mentally preparing themselves for this pull back and remember the lessons learnt from Wave 4.
This is going to feel a lot worse for you if you don't take the lessons onboard.
Comments
For the long term chart of spy it shows the possibly of 360. Does it means above abc correction has replaced this possibility?
Huat
2024-02-26 00:48:30 +0000 UTC🎯
Gareth Neary
2024-02-25 21:37:53 +0000 UTCShould we expect a rotation from mega caps into small caps like Russell?
Brian
2024-02-25 21:22:59 +0000 UTCcan you explain the setup that can possibly occur after theABC corrective that'll bring us to the primary wave 2 target of around $350?
jeev
2024-02-25 20:54:39 +0000 UTCI've got to 10% cash .. planning to go to 20 when I see a trend change .. it's time to start thinking about this for sure
TommyJR
2024-02-25 20:53:56 +0000 UTCMany thanks ..
Johnnyboy
2024-02-25 20:23:42 +0000 UTCThat's exactly what alot of us will be doing.
Dipen Patel
2024-02-25 20:22:36 +0000 UTCI do yes, for a Primary Wave 2 like this, especially when the moving averages are lost, it is better to take profit reduce your position and add again below the 0.5 Fib
Gareth Neary
2024-02-25 20:22:35 +0000 UTCDo you think it’s worth trimming on rejection and re-entering again at the end of wave C?
Johnnyboy
2024-02-25 20:19:07 +0000 UTC
