$SPY potential short-term consolidation coming after our incredible bullish run this month.
Rejection off of confluent points of resistance, seeing a break of short-term trend into close.
Here is my updated analysis as promised...
(Read full thread 👇🧵)
Rejection off of confluent points of resistance, seeing a break of short-term trend into close.
Here is my updated analysis as promised...
(Read full thread 👇🧵)
$SPY over the course of the month has seen a strong rally off of its swing low.
I believe this to be a lower degree wave 3, as wave 3's tend to be the strongest out of the three impulse waves and filled with the most Euphoria.
(2/4)
I believe this to be a lower degree wave 3, as wave 3's tend to be the strongest out of the three impulse waves and filled with the most Euphoria.
(2/4)
Off of today's close, we are seeing a break of our short-term trend support. Pulling back out of confluent resistance.
This resistance includes a zone between our 1.618 and 2.00 fibonacci extension levels. It also includes the back-test of our previous trend support.
(3/4)
This resistance includes a zone between our 1.618 and 2.00 fibonacci extension levels. It also includes the back-test of our previous trend support.
(3/4)
If this is a valid wave 3 - 4, I see $SPY consolidating in the short-term under its all time highs.
Watch for a pullback to the marked fibonacci levels.
From there we can base before seeing a move to complete our lower degree wave 5 to the upside.
(4/4)
Watch for a pullback to the marked fibonacci levels.
From there we can base before seeing a move to complete our lower degree wave 5 to the upside.
(4/4)
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