2/28 - SPY / Market looking to consolidate gains of 2020
2/28 - SPY / Market looking to consolidate gains of 2020 through the middle of 2021.
1. The gap down and down week on higher volume is telling of a coming consolidation/correction.
2. The usual 4th wave pullback formed a triangle and its measured target hit almost exactly.
3. 5th wave of primary looks to be complete.
At a key area here. the 2020 up trend line will be tested here. The degree of the line and length of it tells that it may not hold much longer. An ABC correction would seem to be applicable here testing 358 then eventually 339 and maybe 330 to fill the Nov. 2020 multiple gaps.
1. The gap down and down week on higher volume is telling of a coming consolidation/correction.
2. The usual 4th wave pullback formed a triangle and its measured target hit almost exactly.
3. 5th wave of primary looks to be complete.
At a key area here. the 2020 up trend line will be tested here. The degree of the line and length of it tells that it may not hold much longer. An ABC correction would seem to be applicable here testing 358 then eventually 339 and maybe 330 to fill the Nov. 2020 multiple gaps.