Expected Structure for SPY to complete C wave
We are nearing the completion of a B wave retracement off the October low. If SPY breaks back below 440 and 431, expect the following (solid black path):
- Drop to 425-427 by as early as 7/14
- Bounce to make lower high around 439-440 by as early as 7/21
- Drop to 395-405 by as early as mid-August
- Final Bounce to 425-435 by early September
** Crash to at least 348 to complete C wave by Q1 2024 (could happen as early as September/October 2023 but will depend on when steps of projected structure are realized).. Bottom could be as low as 270-290.
If SPY makes a new high in coming week it could run to 452-456
Trade with caution if you're bullish. Take profits at intermediate levels on way down if you're bearish (until we breakdown 395)
- Drop to 425-427 by as early as 7/14
- Bounce to make lower high around 439-440 by as early as 7/21
- Drop to 395-405 by as early as mid-August
- Final Bounce to 425-435 by early September
** Crash to at least 348 to complete C wave by Q1 2024 (could happen as early as September/October 2023 but will depend on when steps of projected structure are realized).. Bottom could be as low as 270-290.
If SPY makes a new high in coming week it could run to 452-456
Trade with caution if you're bullish. Take profits at intermediate levels on way down if you're bearish (until we breakdown 395)
Comment:
Entering 7/21 437 puts at 2.16. Stop loss underlying 443.
Comment:
On the 3rd dash point (-) I meant to type drop to 395-415. However, I will adjust these subsequently based on the levels realized along the way.
Comment:
Took bullish path (dashed green trajectory) first and hit 456. Expecting down from here to the 425-430 region to kick off this distribution sign of strength. Will bounce again fro there on backup/retest and then start markdown in August or September.
Comment:
wouldn't be surprised if this crashed from here... reasonable targets 444 (if 450 breaks down), 431-435 if 444 breaks down