Bearish 5-3 EW pattern
This intraday chart on 
SPY illustrates a bearish 5-3 Elliott wave pattern.
There was a bearish impulse wave in the last part of December.
This was followed by a bullish w-x-y double zigzag.
Wave relationships appeared near $402 which is where SPY reversed.
If this pattern plays out, then SPY would likely reach $375 in the next few days while holding below the high near $402.
SPY illustrates a bearish 5-3 Elliott wave pattern.There was a bearish impulse wave in the last part of December.
This was followed by a bullish w-x-y double zigzag.
Wave relationships appeared near $402 which is where SPY reversed.
If this pattern plays out, then SPY would likely reach $375 in the next few days while holding below the high near $402.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
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