SPY. A never-ending Diagonal
Updated
The choices on how the uptrend will finish are very few to be honest: a common 1-2-3-4-5 structure or the so-called Ending Diagonal Triangle.
Experienced EW adepts may surely be able to correct me but I feel like the EDT it starting to become our main option. This means:
1) S&P will first climb to 2360-2370, then to 2450-2500.
2) The correction will bring the price close to Wave 1. In theory, they have to intersect but that would mean leaving the Diagonal´s limits way too far. However, the option of having the S&P at 2100 is there
3) We will probably have another ABC zigzag in the last wave up, which would may also be an Ending Diagonal
Whether this development is correct or not, I believe our target for S&P is somewhere at 2450-2500 zone.
Experienced EW adepts may surely be able to correct me but I feel like the EDT it starting to become our main option. This means:
1) S&P will first climb to 2360-2370, then to 2450-2500.
2) The correction will bring the price close to Wave 1. In theory, they have to intersect but that would mean leaving the Diagonal´s limits way too far. However, the option of having the S&P at 2100 is there
3) We will probably have another ABC zigzag in the last wave up, which would may also be an Ending Diagonal
Whether this development is correct or not, I believe our target for S&P is somewhere at 2450-2500 zone.
Note
236.9-273.5 look like a reasonable W3 ending
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
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