Archive for the ‘$SPY’ Category

Where are we in the Elliott Wave Count on S&P 500 as of March 3/9/19

As the chart below shows, we are in a corrective pattern falling from that massive resistance on top at $282 region a week ago. The corrective pattern ensues in a ABC of which the A subdivides into 5 waves, B in 3 waves and C in 5 waves to finish the pattern.  What you see below is an hourly time frame. The sharp decline from near $282 to $276 is the initial wave 1 (A) which retrace back into Wave 2(A) to $278 . Now according to Elliott wave theory the wave 1 is typically either .38%  or .618 % of the entire move. Going with the .38 % the end of wave 5 should put us at the yellow spot on the diagram which is $268.72 when confluence with the Fibonacci time ratio.

Also looking at the channelin dotted line shows how the wave 3 the strongest  so far has retrace back to the channel line should end at $268.70

Another crucial day for the $SPY tomorrow , Friday the 11th 2019

Why is it crucial for $SPY to test $260 and then falter, because that is what the B(AB) wave is supposed to do. On a 2h chart you can see the last  decline from $280 till now corresponds with the 61.8% at $263 and the current uptrend or the ABC the C should end at the confluence of 161.8%  fo the magenta 1, 2 wave.

.Any time there is confluence, then we can be most certain.

SPY Elliott Wave prediction for last day of 2018!

Daily Chart Elliott Wave Count: The retrace of the last trend move is 50% so this is a wave 4 , if it was a wave 3 then it should have only retrace 38% or there about. Since this is a 4th wave the next move must be reversal to form a triangle. The past 3 days formed a ABC 3 wave move and since reversed , so it is heading down lower.

 

The 5th wave bottomed on the 5 min chart at $232.61 and set  course of ABC to potentially form some sort of flat correction. The ABC move happened in a 2 day period with almost a 1000 point  in 2 consecutive move which prompted to make people think that this was the rebound and every one were euphoric about a bull market resumption. The $SPY has just finished a 50% retrace of the previous move in a typical ABC flat correction. The Friday price action was whip saw like in going back and forth. It had tested the resistance of $250 in pre market but had to come back and test that again in regular market there my shaking all the week hands on double top and dropping like a rock after that test. If this indeed is wave 3 of a larger downtrend then this can be counted as a 1-2