By my count we are in a Wave 4 correction. Wave 2 was shallow and flat, so based on alternation Wave 4 should be steep (zig-zag) like. Typical retrace zones are 0.236 - 0.382, SPY likes to retrace shallow so makes sense it would be this lower target.
It's possible we bounce around more but the immediate fib targets are reached. It looks like we came down in a ABC zig-zag.
It's possible we bounce around more but the immediate fib targets are reached. It looks like we came down in a ABC zig-zag.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.