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.
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