SPY: My EWT guess. A tale of expanding triangles.
Updated
My most recent post suggests a drop is likely soon.(see link below if interested).
To me the price action down since the peak in early January looks more like a corrective A-B-C pattern the an impulse 1-2-3-4-5 wave pattern. To me it looks like there have been multiple 5 wave expanding triangles since January. Expanding triangles are a form of sideways consolidation. In EWT this occur at the B wave of a A-B-C pattern and at the wave 4 of a 1-2-3-4-5 wave pattern. For me personally I often find them difficult to identify prospectively. We often think when price near term goes to a new high the trend has changed only to have price then going to a new low, followed by another new high. It can be very frustrating.
IFmy current count is correct then price should not close above what I have labeled "1" at 391.77.
As you well know all EWT counts are a guess and are frequently wrong and redone. So I never trade on EWT alone. It can help you anticipate BUT wait for price action to help support the count. Then you have a usable stop if you are wrong. Take care. Best to you.
To me the price action down since the peak in early January looks more like a corrective A-B-C pattern the an impulse 1-2-3-4-5 wave pattern. To me it looks like there have been multiple 5 wave expanding triangles since January. Expanding triangles are a form of sideways consolidation. In EWT this occur at the B wave of a A-B-C pattern and at the wave 4 of a 1-2-3-4-5 wave pattern. For me personally I often find them difficult to identify prospectively. We often think when price near term goes to a new high the trend has changed only to have price then going to a new low, followed by another new high. It can be very frustrating.
IFmy current count is correct then price should not close above what I have labeled "1" at 391.77.
As you well know all EWT counts are a guess and are frequently wrong and redone. So I never trade on EWT alone. It can help you anticipate BUT wait for price action to help support the count. Then you have a usable stop if you are wrong. Take care. Best to you.
Note
Note
Possible 5 min intraday current count: Note
Note
Premarket SPY up sharply. If it goes above 391.77 intraday then this count is wrong and likely the final up swing has begun.
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