Archive for May, 2019

$SPY on its final 5 wave move up!

Trump calling out for increasing the tax on Chinese goods to another 15% to a total 30% on over 200 billion worth of Chinese goods spooked the market enough to go down on its 4th wave down on a larger degree green count.

As per this count with the 3rd wave extended. One of the rules of Elliott wave says that the 1st and 4th wave will be equal.  The 1st wave move was $12 and this wave should end at $300 before we can see a reversal.


On the 5min chart below you can see the W (abc)-X-Y(abc) structure . The W is a zigzag and Y is a running flat. Which should end at $285 and if it breaches 884.50 then the count is invalid since the 4th wave in larger degre would have overlapped the 1st wave.