SPX-SPY July 5th Update Possible Shark Pattern in the Future?
For the past 2 months, we've been watching for the Gartley, Bat Patterns to complete (see May 7 post), and it looks like we have.
It looks like we have the June 8 high as a possible wave B (yellow and purple) high.
Now we are looking for the C wave down to new lows.
If the B pivot high holds, then the C wave (yellow and purple) should consist of a 5 wave move down (green labels).
At this point the green wave 1 down looks complete.
The green wave 2 could also be complete.
we are looking for a nice pivot turn for wave 2. The next week or so should clarify if we will see more consolidation or if
the wave 3 drop has begun.
The interesting Shark Pattern identified would give us a target that also lines up with the massive drop in March as wave A
= to the projected drop of wave C at the 2031 zone.
The projected slope down channel is based on the most current data. As more time goes by, we can begin to adjust the
proposed down channel better.
We have long term puts in place at this time.
It looks like we have the June 8 high as a possible wave B (yellow and purple) high.
Now we are looking for the C wave down to new lows.
If the B pivot high holds, then the C wave (yellow and purple) should consist of a 5 wave move down (green labels).
At this point the green wave 1 down looks complete.
The green wave 2 could also be complete.
we are looking for a nice pivot turn for wave 2. The next week or so should clarify if we will see more consolidation or if
the wave 3 drop has begun.
The interesting Shark Pattern identified would give us a target that also lines up with the massive drop in March as wave A
= to the projected drop of wave C at the 2031 zone.
The projected slope down channel is based on the most current data. As more time goes by, we can begin to adjust the
proposed down channel better.
We have long term puts in place at this time.