SPY - Elliott Wave - rally assignment
Which forecast is more likely from the 30 min graph, if any? A-1, A-2 or A-3? From the context of relationship to Elliott Wave Theory and long-term prediction of expanding triangle correction (day chart), the rally seems to be an assignment to X-wave (red marking in the 1D graph) of double, maybe triple wave correction or as part of B-wave (green marking in the 1D graph) of regular/expanding flat.
Note:
1. For now I still hold the short-position (bought put option) of November 20 at strike 310. If the following pull-back will pass across the 38.1 % level from rally local ATH, I tend to the alternatives A-1 or A-2 otherwise to A-3 because of strong bull and I will take a loss.
2. Be careful, the candle close above all significant MA (see 1D graph) so bulls can be very motivated to push the market to the extremes for a short time.
Disclaimer: Presented ideas should be taken just as an observation, not trading advice. Always hold your own judgment.
Note:
1. For now I still hold the short-position (bought put option) of November 20 at strike 310. If the following pull-back will pass across the 38.1 % level from rally local ATH, I tend to the alternatives A-1 or A-2 otherwise to A-3 because of strong bull and I will take a loss.
2. Be careful, the candle close above all significant MA (see 1D graph) so bulls can be very motivated to push the market to the extremes for a short time.
Disclaimer: Presented ideas should be taken just as an observation, not trading advice. Always hold your own judgment.
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