The Long Investor

$SPY TOP 20

Added 2023-07-09 19:40:08 +0000 UTC

I have added in the ABC corrective wave after Wave 5 completes. A correction will need to come at some stage but at the moment, the market is being propped up by a number of strong players and they do not appear to be getting weaker either.

The ABC correction is created by using Fib levels from the Covid lows to the potential highs of $500, so we can see that Wave C completes lower than the October 2022 low, which makes sense and valid in accordance to EW Theory,

So I will make a plan towards the end of the year about taking advantage of this pull back.

Likely continue to buy individual stocks which are starting their Wave 3's.....we can also see that smaller to mid size stocks have not rebounded yet so there will still be plenty of buying opportunities if we look away from less mature companies.

I will also be considering adding to my cash holdings to take advantage of undervalued stock prices again.

For now, $SPY found support above the blue line and then found support on top of our wedge line which has been in place since October last year.

I believe this will continue upwards and $450 looks to be the next test.