SPY: Correction soon?
In May of 2021 I suggested we may get a bullish correction in the DJI (if interested see link below which gives a longer term pattern.) A similar pattern is present in the SPY .
The bullish move developed. To me we are at a fork in the road. It is possible that wave 4 of the final wave up (5) is over in which case price will continue up to the top of the channel or just above likely after a short correction.
But the wave pattern from May of 22 to now looks like another expanding triangle. If correct wave 4 is not over and we could see a major intermediate correction to finish wave 4 followed by a final wave up.
Supporting some kind of correction soon is the low volume on the price rise and the bearish divergence in the daily RSI . Watch for a price close below the current up trend line .
The bullish move developed. To me we are at a fork in the road. It is possible that wave 4 of the final wave up (5) is over in which case price will continue up to the top of the channel or just above likely after a short correction.
But the wave pattern from May of 22 to now looks like another expanding triangle. If correct wave 4 is not over and we could see a major intermediate correction to finish wave 4 followed by a final wave up.
Supporting some kind of correction soon is the low volume on the price rise and the bearish divergence in the daily RSI . Watch for a price close below the current up trend line .
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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.