RussianAmbition

IS THERE STILL MORE ROOM TO GO?

AMEX:SPY   SPDR S&P 500 ETF
120 2 1
this should be a correct wave count
If you study your sub-waves you will see that this count doesn't work. Your (1) is an ABC where A=C. Your (3) is more likely a 5 wave C that ended in an ending diagonal at your marked (3). An ending diagonal represents the end of a trend. Since then there has been a clear 5 down and a clear ABC correction that began to give way to the next 5 down last week.
Or, I'm wrong and you will make money buying the bounce....again....good luck!
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do you mind posting a picture here of a weekly chart of how you would draw it?
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