SPY Elliott Wave B)) Triangle Completed- More Downside Action for AMEX:SPY by CBOEAlumus

SPY Elliott Wave B)) Triangle Completed- More Downside Action

The Wave B)) triangle I spoke of previously has completed. It also looks like minor wave 1 down has completed or is very close to completing. Minor wave 2 up shouldn't last too long. I would expect a bounce to the .382 retracement level of 264.36, or the .50 retracement level of 265.06. After minor wave 2 up completes, minor wave 3 of C)) down should be a strong downmove

Note

SPY stalled yesterday at the .50 retracement. The big question now, is minor wave 2 up over? I'm playing it cautiously here until I see confirmation.

CBOEAlumus

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