Elliott Analysis on SPY, 30min, ABC correction
Starting from the largest trend to the smallest:
We are in wave 4 (of 5) in the uptrend.
We are in wave b (of c) in the corrective wave 4
We are in wave c (of c) in the corrective wave b
We are in wave 5 (of 5) in the impulse wave c
Rules: Wave 3 cannot be the smallest, this makes the yellow line the max point of wave 5.
Guidelines: In an A-B-C correction, wave C is 1x, .682x, or 1.86x wave 1 (blue).
Conclusion: The market will turn soon to the downside, with targets at on of either 250, 237, (maybe) 217.
We are in wave 4 (of 5) in the uptrend.
We are in wave b (of c) in the corrective wave 4
We are in wave c (of c) in the corrective wave b
We are in wave 5 (of 5) in the impulse wave c
Rules: Wave 3 cannot be the smallest, this makes the yellow line the max point of wave 5.
Guidelines: In an A-B-C correction, wave C is 1x, .682x, or 1.86x wave 1 (blue).
Conclusion: The market will turn soon to the downside, with targets at on of either 250, 237, (maybe) 217.
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