4xForecaster

Update: Did The Big Bad "Wolfe" Scare You? | #SPY #AMEX #SPDR

AMEX:SPY   SPDR S&P 500 ETF
247 0 4
Last Friday, at market close, we indicated that #SPY had developed bearish tendencies, and went on discussing the potential development of a Wolfe Waves pattern, whose target line (the "1-4 Line" in the chart) was included as a potential level of support with temporary reversal. In fact, in a tongue-in-cheek way, we went on to trace a potential price pathway - See the chart as we left it on market close:
Predictive Analysis: Brown And Reclused: SPDR? ... No, Bears!
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As of this first day of trading, we are glad to see that the Wolfe Waves pattern - albeit alternate in its anatomy - has fallen right at the 1-4 line as we had supposed it might.

At this point, we expect that the 1-4 Line might be used as a "back-stop" until price reaches our initial 176.19 target. If instead price reversed, bears would be glad to be reminded of a significant 183.23 demarcation, a point which if crossed should caused them concern.

OVERALL:
As indicated in our prior predictive analysis, the directional indicator remains NEUTRAL, until such time that we receive a bearish reversal confirmation signal. For the time being, we'll qualify this big bad Wolfe as "Neutral-to-Bearish".

Cheers,

David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado
USA


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David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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