SPY: Is the correction about over?
Updated
This is a f/u from from my SPY 8/17/22 posting where I suggest a correction was about to start and may extend to the mid portion of the longer term channel. See the link below for the longer term picture. I think we are likely now in the final phase of the correction.
Triangles usually occur in the B wave of a a-b-c correction (example with the .0a-.0b larger triangle) or the at the 3-4 wave in a impulse 5 wave series ( the smaller triangle labeled .003-.004). IFFF I am correct then tomorrow we will see a drop to finish the 5th wave of an even larger triangle ( see previous longer term chart). If during the normal hours the price goes above the 390.22 level more than a few points and doesn't immediately reverse then this shorter term guess is wrong.
Ifff correct and it drops it is not clear how far it will drop before a possible last rally might happen. BUT I think the top wave of wave 1 was at 358.75 so IFFFF I am correct the drop would not extend below this level.
Remember charts can help us be correct more often but no one is always correct. NO pattern is perfect. As always. Process YOUR way.
Best to ya. Have a great week.
Goodgyuy
Triangles usually occur in the B wave of a a-b-c correction (example with the .0a-.0b larger triangle) or the at the 3-4 wave in a impulse 5 wave series ( the smaller triangle labeled .003-.004). IFFF I am correct then tomorrow we will see a drop to finish the 5th wave of an even larger triangle ( see previous longer term chart). If during the normal hours the price goes above the 390.22 level more than a few points and doesn't immediately reverse then this shorter term guess is wrong.
Ifff correct and it drops it is not clear how far it will drop before a possible last rally might happen. BUT I think the top wave of wave 1 was at 358.75 so IFFFF I am correct the drop would not extend below this level.
Remember charts can help us be correct more often but no one is always correct. NO pattern is perfect. As always. Process YOUR way.
Best to ya. Have a great week.
Goodgyuy
Note
Lowest potential target discussed in the posting was 358.75. Premarket it dropped to 358.72. Then reversed to rally all day. Hope these ideas have been helpful to you.
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