SPY Elliott Wave & Fibonacci Target $173 by End of July
The chart uses a combination of Elliott waves, trend channels, Fibonacci extensions and circle lines (the vertical dotted lines) to arrive at a target for the end of the fifth sub-minuette wave (purple roman numerals). The trend channel is derived from the trend line drawn across the July 3rd (purple ii) and July 16 (purple iv) bottoms. Upon reaching the upper channel line the fifth wave should be approaching its end. The price target of $173 comes from a Fibonacci extension sub-minuette wave i (purple v to i). The estimated termination date of wave v in the last week of July comes from circle lines based on the length of wave i. Primary Elliott wave analysis at stockmarketmonk.com/trend-analysis/spy-elliott-wave/
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