Simple chart analysis for SPY
Updated
Actually, it was difficult to get the gasp of using Elliot Wave on this kind of chart because it didn't work like usually do
On H4 t.f., three Elliot Wave finished. ABC correction finish. A to B of second ABC is in process.
Note: It is a risky trade cause I'm not very familiar with this kind of chart with so many gaps, but I have analize it the best I believe.
On H4 t.f., three Elliot Wave finished. ABC correction finish. A to B of second ABC is in process.
- I use fibonnacci from peak 2 to peak 0 and start with the level 0.50% to have a better idea of where the fifth peak will be. It should reach 300% of fibo. .
- The percent and 100% fibo. it's to know strong zones for retracement.
Note: It is a risky trade cause I'm not very familiar with this kind of chart with so many gaps, but I have analize it the best I believe.
Trade active
Alright, alright, SPY was going down so fast that I decided to reconstruct the ABC correction and found out that it can go much deeper.
The A wave of the abc correction usually hits a double bottom or top. So it can reach number 4 of E.W. .
Profit is secured so no risk is given.
Trade active
Found out that it can reach lower, so I adjusted the TP.
Trade closed: target reached
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