SPY: What I'm Seeing (pt. 2 post FED meeting)

SPY started to sell-off as soon as JPow released the FED's interest rate increase and call for 7 rate increases this year, but shortly after rallied for the last hour of trading. Despite the buying in the later part of the day, SPY has remained in it's descending channel meaning my wave count is still valid. We may still get a move to 437, which would hit resistance of the channel, but as you see each time SPY hit channel resistance it sells off hard. I am still looking for a SPY target of 385 over the next 7 to 10 trading days to complete intermediate wave 3 down. I still see no reason to be long until the channel is broken and I don't anticipate that happening until April for a larger wave 2 up.

Not Financial Advice