SPY
Below 282.41 I think we go test the lower trend line around 278 where the rally for this wave began.
As seen in my count, though only after hours still, price prints below the green invalidation tells me this wouldn’t be the 5 micro wave count up yet and that we could be within a wave 4 retrace of the wedge. Counting again looks like that instead of it being a wave 1-2 up, looking like it may be a wave a - b down.
Still think price needs to tag the 292 level before market can do a reversal. So, if at opening the bid is less than 282.41, think we go test 278. If at open we bid greater than 282.41, then my upside count would still be valid.
As seen in my count, though only after hours still, price prints below the green invalidation tells me this wouldn’t be the 5 micro wave count up yet and that we could be within a wave 4 retrace of the wedge. Counting again looks like that instead of it being a wave 1-2 up, looking like it may be a wave a - b down.
Still think price needs to tag the 292 level before market can do a reversal. So, if at opening the bid is less than 282.41, think we go test 278. If at open we bid greater than 282.41, then my upside count would still be valid.
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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.