$SPY TOP 20
Added 2024-02-13 17:35:14 +0000 UTCSo CPI came in hotter than expected and the market threw the toys out of the pram in a fit of rage....or was the $SPY hitting a trend line, where we had Subwave 3 and needs to pull back now for Subwave 4 as we were showing before it can move higher to complete Subwave 5 or Wave 5?...Both are probably coincidental of each other, we can see that Wave 3 moved in 5 waves and hit the yellow trend line which has been in place since October '22, a relief and pull back was needed and expected.
The 50 Day MA is at the 0.5 Fib now and the 0.618 Fib is at the blue line, which was the previous all time high line, both could offer support and I suspect support will be found here at these levels, before going higher to complete Wave 5.
