SPY Wave Count Idea
Updated
I've heard other pundits that the rise off the lows, the 1,2, 1, 2 was all a wave 1 and the most recent significant pullback was a wave 4. While possible, with the bullish momentum of late, seemingly we're in a wave 3 with some bullishness left in the tank.
People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only the magnificent 7 are over-valued... there are still so many stocks that look like they're maybe going to start to participate, a look at the IWM and what appears to be a breakout of a longer-term consolidation, hints that the market may be okay for a bit. Bullish, not overly as the big boys chill a bit.
We shall see.
#SPY #waveanalysis
People indicate market over-valuation but due to the narrowness of market breadth, it seems perhaps only the magnificent 7 are over-valued... there are still so many stocks that look like they're maybe going to start to participate, a look at the IWM and what appears to be a breakout of a longer-term consolidation, hints that the market may be okay for a bit. Bullish, not overly as the big boys chill a bit.
We shall see.
#SPY #waveanalysis
Note
Looking pretty good here, seemingly we're in a wave 5 of a wave 1 on a larger timeframe or the beginning of a 3.3... either way, manage your risk and be bullish until we're not. :)Note: Logically there's no way wave 2 above after the 1,2, 1,2 was a 4 purely because Dow theory forbids 4 retracing into wave 1 territory which it clearly did. Subsequent price action indicates high likelihood it was a 2 and nice pulling right back to previous resistance.
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