broughro
Short

Super Short NOW - SPY continuation

AMEX:SPY   SPDR S&P 500
For those students of Elliot , this (W) (X) (Y) overlapping sideways move clearly represents a correction of 1 where (W) is an expanded flat followed by the ziz-zag (X) then the triple zig-zag (Y) where A = C and a circle = c circle at 203.

Now, look all the way back to April where you can see that this current correction is ending in the immediate range of the previous fourth wave of the bull market ending diagonal ....the waves indicate that the emotional attempts to reverse 1 down is ending. Therefore, 2, the correction of 1 is ending. 3 down is next and it should be 1.618 times the length of 1, at least...don't be surprised if it unfolds quickly to 2.618 times 1...err by holding short because 4 will not make it back to 180 and 5 will take the market south of the 3 ending point...then go neutral short term...
Comment: Clearly called the termination of (Y) too early but we appear to be there now...
Trade closed: stop reached: FAIL...but still not supporting a long position here...I think this just gets us closer to the cliff...let's see
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