$SPY TOP 20
Added 2024-02-04 23:03:50 +0000 UTC$SPY and $QQQ chart continue to mirror each other and showing no signs of slowing down, I suspect $SPY will be met with some resistance at the yellow line at $502, which could trigger Subwave 4 for us, before going higher to complete Wave 5.
Again we will be monitoring this very closely for any signs of reversing or rejecting but for now, the market continues to move higher and the Mega Caps lead the charge higher too.
This Wave 5 is a perfect example of a Wave 5 too.....very weak pull backs and already looking very extended.
I believe an ABC correction will follow this next.
Comments
Thanks Gar, I remember as in the long term chart of spy it was chartered there is a likely possibly based on EW that it may correct to 360? Is it still in the cards? And will it be after wave 5?
Huat
2024-02-05 00:44:22 +0000 UTCI believe it is a Wave 2 correction pull back….although it will feel unhealthy, it’s not a wider ABC large correction
Gareth Neary
2024-02-05 00:31:37 +0000 UTCABC is it a larger correction?
Huat
2024-02-05 00:21:28 +0000 UTCGar: is W5 still at $510, and therefore only about 3% away? How does that reconcile with the AAPL, GOOG and AMZN charts?
Steve Cullip
2024-02-04 23:09:03 +0000 UTC
