Hi traders,
First, let us look at our count and expectation in the yesterday's update: the expectation was a corrective move up to 3807.5, which happened as expected, only falling a bit short of the final target.
Now, what do we expect to happen from this point? I see us beginning wave c of (V) of c of Y, as shown in the hourly chart:
https://www.tradingview.com/x/bAWdJwYh/
What are the targets for this wave, which is actually the bottom for wave Y and start of a considerable rally for wave X? (brief explanation)
1. Fib relation of wave (V) with respect to waves (I) and (III): 3596.25
2. Fib relation of red wave c with respect to red wave a: 3591.25
3. Fib relation of blue wave c to blue wave a: 3573.
So I think 3590 area is the potential bottom, which would be touching the blue trendline and a support based on the price action back to Dec. 21st 2020.
Note: today, the daily volume on spy was definitely confirming the fact that it was actually a corrective move.
First, let us look at our count and expectation in the yesterday's update: the expectation was a corrective move up to 3807.5, which happened as expected, only falling a bit short of the final target.
Now, what do we expect to happen from this point? I see us beginning wave c of (V) of c of Y, as shown in the hourly chart:
https://www.tradingview.com/x/bAWdJwYh/
What are the targets for this wave, which is actually the bottom for wave Y and start of a considerable rally for wave X? (brief explanation)
1. Fib relation of wave (V) with respect to waves (I) and (III): 3596.25
2. Fib relation of red wave c with respect to red wave a: 3591.25
3. Fib relation of blue wave c to blue wave a: 3573.
So I think 3590 area is the potential bottom, which would be touching the blue trendline and a support based on the price action back to Dec. 21st 2020.
Note: today, the daily volume on spy was definitely confirming the fact that it was actually a corrective move.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.