SPY Bearish count

17 Mar 2022

Reasons for this pattern :

Target : Green Zone

Probability of pattern : Medium Probability

Pattern : WXY (Double Zigzag)

Other note : We have "Higher Time frame Bearish Divergence"

Pattern reasons :

- Rsi has a A -> C wave personality
- Volume is indicating we have low volume in the potential "C wave"
- We can count an A wave and a potential C wave diagonal (Contracting)
-Still in common extension target area

For this pattern to be aggressively invalidated :
Has to break out of the "Contracting Trendlines"

What I don't like (Personal Feedback" -

- I dont like how we are beginning to break out of the "Box shape"
from our Previous AH "Parallel channel"

- If we break the contracting trendlines and begin to show impulsive personality
I believe first target would be at (4460 -4500)

Alternate bullish pattern - Bullish (1-2 , 1-2 or 1-2 and the 3rd wave)

17 Mar 2022

Not

Just to add to this i obviously need the 4th wave in the diag to overlapp