Steve666

SPY... Wolfe Wave Calling ??

Steve666 Updated   
BATS:SPY   SPDR S&P 500 ETF TRUST
Calling a meaningful top in this equity market for most, has for the most part, been an unrewarding excercise.

Better to read the tea leaves ... go with the new trend/correction and try to profit from it.

I believe there is a Bearish Wolfe Wave formation in process for the SPY.

On my chart I have marked an ideal top in the 545-547 area.

BUT I also need momentum to roll over.

As a confirmation, a break of 540 should be in place .... My target is 532.

Don't chase this !! .. if it happens it happens.

Not investment advice. Do your own due diligence

S.
Comment:
Update.. still rising....

Comment:
Update.. closer inspection shows a Wolfe Wave within a larger WW. Caution !
Still need momentum to roll over..

Comment:
This is a stubborn one...no momentum roll yet but gravity is calling

Trade closed manually:
Clearly I was like a salmon swimming upstream.
Simply there is too much money willing to be committed.
A Black Swan Event may change that.
Never got a signal to sell and will continue to monitor.
I still am looking on the sell side.

S
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