S&P moves the same as previous GBPUSD :
Before In GBPUSD, I put massive short position at end the of wave V ( around 1.35ish) and get fuxxed.
It was frustrating, but I dont mind it.
Bcz when you trade using EW theory, you cannot trade assuming "it will be extended".
So even tho I go back to last Dec, I would do same action (but put less amount of short lol)
Anyway back to SPY, SPX moves similar to gbpusd as we saw above chart.
Based on my EW counting(length of wave and RSI), We are on 5th ending diagonal pattern with extension.
I know some people say we will see huge correction soon, and it is perfectly reasonable.
But comparing with GBPUSD, I think we will see small correction and go sky rocketing to our final top, which will be 4350 or 4425
I recommend you not to use fib level in this last ABC wave, it might not work great as it did on final ABC wave of GBPUSD
One thing I want to point out is the longest trendline from the 2008 crisis.
As our whole wave started from Mar 2009, we need to use log scale, then we can find very obvious trendline:
None of weekly candle close price is above this trendline(even daily candle, only a few)
It also effects my prediction to 4425
Before In GBPUSD, I put massive short position at end the of wave V ( around 1.35ish) and get fuxxed.
It was frustrating, but I dont mind it.
Bcz when you trade using EW theory, you cannot trade assuming "it will be extended".
So even tho I go back to last Dec, I would do same action (but put less amount of short lol)
Anyway back to SPY, SPX moves similar to gbpusd as we saw above chart.
Based on my EW counting(length of wave and RSI), We are on 5th ending diagonal pattern with extension.
I know some people say we will see huge correction soon, and it is perfectly reasonable.
But comparing with GBPUSD, I think we will see small correction and go sky rocketing to our final top, which will be 4350 or 4425
I recommend you not to use fib level in this last ABC wave, it might not work great as it did on final ABC wave of GBPUSD
One thing I want to point out is the longest trendline from the 2008 crisis.
As our whole wave started from Mar 2009, we need to use log scale, then we can find very obvious trendline:
None of weekly candle close price is above this trendline(even daily candle, only a few)
It also effects my prediction to 4425
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.