$SPY
Added 2023-03-14 15:48:24 +0000 UTCSo what we are looking for here, if we are in Wave 3 now (in red), we will be looking for 5 subwaves in this wave, it is likely that Subwave 1 is now complete after a nice bounce today and as we know, in a downtrend, we are looking for a bounce up to the 0.618 - 0.65 Fib levels, so still a bit to go, so far the $SPY is holding at the 200 Day MA and the 50 Day MA is above at the convenient spot at the 0.65 Fib level.
If we get a rejection at this common resistance area, we will then be able to chart the subwaves and show where Wave 3 will likely come down too.
The $SPY is having a good day but one day does not change a trend, do not get sucked into euphoria....the market is not healthy right now.
