$SPY TOP 20
Added 2023-10-11 17:33:22 +0000 UTC$SPY is showing a bounce of 5 small subwaves so far and the price got stopped out at the 1 Fib at $437, just below the 200 Day MA on the 1hr chart.
We can clearly see 5 waves up, not 3 waves......if it were 3 waves, we could assume that the bottom is not in yet.
So we are assuming that the pull back will be in 3 ABC waves now then to around the 0.618 Fib at $426, which happens to be at the bounze zone we set a few weeks ago.
The yellow trend line is also at the 0.5 Fib so this is also an area to watch for a potential bounce too.
Comments
Did the index rally after you posted this into the close? But no overall change to your perspective?
Chris P
2023-10-12 11:05:01 +0000 UTCThank you sir, appreciate the words!
Gareth Neary
2023-10-12 02:13:55 +0000 UTCCorrect
Gareth Neary
2023-10-12 02:13:45 +0000 UTCI believe so yes
Gareth Neary
2023-10-12 02:13:36 +0000 UTCHi Gar since it is a 5 wave, it means bottom is already in and we are on final rally up?
Huat
2023-10-12 01:39:38 +0000 UTCThx Gareth. So we are looking at an ABC correction this week and next on the S&P500, but only in the region of 1-2%, and nothing like the bleeding from August & September, correct?
Steve Cullip
2023-10-11 19:12:07 +0000 UTCWork is second to none. Great timely updates. Thank for your service.
J
2023-10-11 17:35:30 +0000 UTC
