SPY: Reevaluated
Earlier in the week, it appeared that we were preparing for a Wave 3 down. After this sharp V shape recovery, I am changing my stance. Instead of a wave 1 and 2 completion, I'm seeing this as an ABC corrective wave. The movement from Aug. 5 until now is showing a completion of wave 3 of wave 1 of wave 5 complete. I'm expecting a retrace for wave 4 to the 0.382 fib retracement of 541 for completion of wave 4, then a final wave 5 of wave 1 to 560-561. Larger Wave 2 should bring the SPY down to 529-530 if wave 5 of wave 1 completes at 561.
Comment
My friends who are more familiar with EW, state that we are about to go into wave 3 after this final pop up, so I'm staying vigilant. Either way, we are down this upcoming week with a 4th wave down and maybe the start of a 5th wave up. Comment
Looking for a test of 546. If 546 holds, expect a gap fill at 564.Comment
Looking like we are reaching my final target. Expect Wave 3 to end now at 460. Wave 4 down PT 539-544
I will be moving future posts to my Patreon page patreon.com/FiboTrader1
Best of luck the rest of the week!
We are heading down within the next 3 trading days
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