SPY: My EWT guess. A tale of expanding triangles.
My most recent post suggests a drop is likely soon.(see link below if interested).
To me the price action down since the peak in early January looks more like a corrective A-B-C pattern the an impulse 1-2-3-4-5 wave pattern. To me it looks like there have been multiple 5 wave expanding triangles since January. Expanding triangles are a form of sideways consolidation. In EWT this occur at the B wave of a A-B-C pattern and at the wave 4 of a 1-2-3-4-5 wave pattern. For me personally I often find them difficult to identify prospectively. We often think when price near term goes to a new high the trend has changed only to have price then going to a new low, followed by another new high. It can be very frustrating.
IFmy current count is correct then price should not close above what I have labeled "1" at 391.77.
As you well know all EWT counts are a guess and are frequently wrong and redone. So I never trade on EWT alone. It can help you anticipate BUT wait for price action to help support the count. Then you have a usable stop if you are wrong. Take care. Best to you.
To me the price action down since the peak in early January looks more like a corrective A-B-C pattern the an impulse 1-2-3-4-5 wave pattern. To me it looks like there have been multiple 5 wave expanding triangles since January. Expanding triangles are a form of sideways consolidation. In EWT this occur at the B wave of a A-B-C pattern and at the wave 4 of a 1-2-3-4-5 wave pattern. For me personally I often find them difficult to identify prospectively. We often think when price near term goes to a new high the trend has changed only to have price then going to a new low, followed by another new high. It can be very frustrating.
IFmy current count is correct then price should not close above what I have labeled "1" at 391.77.
As you well know all EWT counts are a guess and are frequently wrong and redone. So I never trade on EWT alone. It can help you anticipate BUT wait for price action to help support the count. Then you have a usable stop if you are wrong. Take care. Best to you.
Note
Note
Possible 5 min intraday current count: Note
Note
Premarket SPY up sharply. If it goes above 391.77 intraday then this count is wrong and likely the final up swing has begun.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.