Based on available data of SPY, an impulse wave has been observed. I expect Wave 3 to terminate near the 1.61 extension level of Wave 1. As expected, Wave 3 has been in an acceleration channel and once broken, would signal inception of Wave 4.
Provided are the key levels derived from intersectional points made by both the base and acceleration channel, these...
SPY scenario worth looking into.
5 Wave move from market top as an Expanding Diagonal for Wave A
3 Wave Counter-trend move - currently in Wave C of Wave B of a higher degree
Pullback into Golden Zone (50, 61.8, and 78.6% retracement)
A=C leg @ 450 level for Wave B
5 Wave Drop - ZIGZAG Correction Complete
Corrections occurring in 5-3-5 patterns generally start a new rally. Wave A appears to have taken the form of a leading diagonal - Wave B (abc) - Wave C (5 wave impulse. Though we sit within a bear channel, it is possible that a new impulse has begun and that waves 1 and 2 have printed. Weekly stochastic indicator suggests that we may be primed for a move to the...
SPY 1HR TF - 5 Wave Impulse (1-5), ABC ZigZag Correction, Supply and Demand Zones
ABC Correction occurring within parallel channel. Wave B is completed - Bullish C Wave commencing with 1st target supply zone identified
Let me know what you think!
