SPY Elliot wave - I think a 5-3-5 is most likely

education.afraidtotr...cs-and-introduction/

Just look at the blue big numbers/letters for the 3-3-5.
Funny thing about elliot wave is I have to go down a level or two in order to find where we are in the bigger picture.
But elliot wave is one of the first things I learned, and even though I've strayed away from it lately, it's always nice to reference back to it.

IMPORTANT NOTE: Notice the "3" at the ATH

Comment:

I made the blue numbers/letters larger in this chart to show the intermediate picture 3-3-5. The Black 3 is much longer term, so don't put too much weight into the same-sized 1-2-3-4-5.

Also, "ATH" stands for all time high. Put a silly ticker symbol there instead.

Comment:

Also, for the Elliot Wave snobs, the 3-3-5 charted is actually a FLAT, not a ZIG-ZAG.

I find the zig-zag more convincing on a slightly higher timeframe, undercutting the recent lows slightly. But the flat just seemed to fit right. Maybe I'll do the zig zag another night.