Alternate Count for SPY Elliott Wave Triangle for AMEX:SPY by CBOEAlumus

Alternate Count for SPY Elliott Wave Triangle

Suppose what I previously labeled y,A) is actually y, C, e? That would mean wave e of the triangle has completed and, instead of being wave A, this wave up from Monday's lows is the first impulse wave up, and the massive triangle IVth wave correction from the January highs is over. That would have very bullish implications for SPY.

Either way, after the B wave correction, or wave 2 down, we likely get a strong upmove for wave C or 3.

Note

Though still possible, I'm relegating this alternate count to very low probability. The wave structure suggests we are still in the triangle, or other corrective structure.

Note

The last few days have made this count more probable. A breakout of the triangle will confirm.

CBOEAlumus

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SPY Elliott Wave Triangle Still In Play

by CBOEAlumus

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