SPY is headed to the next major level of resistance
I believe that we finished our 5 waves in Feb 2020, completed an A wave correctional wave with the COVID selloff, headed to current levels in the B wave.
In my humble opinion, we could be in an expanded flat corrective ABC waves. If this count is right, what comes after B wave? Yes - C wave.
Here are the normal Fibonacci Ratio Relationship for an expanded flat ABC corrective waves.
• Wave B = 123.6% of wave A
• Wave C = 123.6% – 161.8% of wave AB
Disclaimer: No one (among human beings) really knows what will happen in the market. This analysis is merely my interpretation of the current price action. Please invest/trade at your own risk, with a reasonable risk management system.
In my humble opinion, we could be in an expanded flat corrective ABC waves. If this count is right, what comes after B wave? Yes - C wave.
Here are the normal Fibonacci Ratio Relationship for an expanded flat ABC corrective waves.
• Wave B = 123.6% of wave A
• Wave C = 123.6% – 161.8% of wave AB
Disclaimer: No one (among human beings) really knows what will happen in the market. This analysis is merely my interpretation of the current price action. Please invest/trade at your own risk, with a reasonable risk management system.