AMEX:SPY   SPDR S&P 500 ETF
59 3 2
White count is currently my primary expectation as long as support holds. I give the yellow count (which looks better in on ES than SPY             ) second highest probability. The expanded flat for wave 2 seems improbable now; only an impulsive decline through support would resurrect its chances. Either way, I maintain a bullish bias looking for targets >2300 as indicated on my daily SPX500             ideas.
Disclosure: Taking profits today from entry on 27 June.
Initial support regions for SPY, subject to (minor) change. Price does not HAVE to stop in these regions, and the boxes are not intended to indicate timing...
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Over this red line I will take the green 2 off the chart. The yellow alt 2 at the recent low will become my primary, along with the white (i)-(ii). Be advised, a strong volume/price break-out with embedded momentum indicators will suggest that the white (ii) finished earlier and higher than I anticipated. I did go flat today. Hope I don't end up chasing in the heart of a 3rd wave...
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Here it is on SPX500. I'd already swapped colors on the b-wave. An expanded ending diagonal is quite rare (red lines). A running flat is also rare (blue alt count) but is just the kind of thing that would leave most investors behind during a powerful 3rd wave. My thanks to Avi Gilburt for educating me on Elliott Wave Principle and Fib pinball. My counts shown here are heavily influenced by Avi and his team. Come trade with us at elliottwavetrader.net and get real-time updates from the pros (not amateurs like me).
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