the_sunship
Short

Spy/SP500 possible sell into Friday close

AMEX:SPY   SPDR S&P 500 ETF TRUST
1.618 is the common target for wave 3, so I believe we just finished the ABC correction. Wave 5 should start tonight into friday close.

This is how I see it, but my stops on short contracts are above today's high in case I'm wrong.

Good Luck!
Mar 25
Comment: Channel into close. WIll short at top of channel
Mar 25
Comment:
Should end the day on the highs, if not - the lower trendline will break and the be retested from below. That area will be a good place to short in this alternative view
Mar 25
Comment: Trendline broke, will short the retest if it occurs
Mar 25
Comment: This may be the correct labeling now
Mar 25
Comment: Alternative short entry (probably pump it there to close to trap more bulls)
Mar 25
Comment: On our way
Mar 25
Comment:
SP500 futures -
If Median line holds, then we may have a retrace and then higher highs. I do think we'll go to the bottom of the channel but the alternative is entirely possible
Mar 26
Comment:
Target may have been hit already
Mar 26
Comment: target hit, waiting for confirmation
Mar 26
Comment: futures target has exceeded the target area. Idea may be invalid. Above 2510 on futures and I will close shorts
Mar 26
Comment: Stopped out with profit, but Idea may still be valid - fib retracement slightly above .618 area
Mar 26
Comment: Alternative target hit, watching closely for confirmation

Comments

Thanks - really appreciate it!
+1 Reply
Futures are pumping a bit but I think a logical short area is around 2770-2780. Remember, they want to fool as many as possible - longs and shorts. Having said that, getting over the channel with confidence would invalidate this idea - will update later - good luck

Reply
the_sunship the_sunship
@the_sunship, apologies, I meant 2470-2480, but we may have already peaked at 2465
Reply
I'm guessing it's a good thing that it broke the trendline?
Reply
the_sunship allanbrawer
@allanbrawer, if you're short it is!
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