Previous grand market cycle for SPY is 3 year and the index fell at 14.99% until it rebounced to the current stage.
Similarly, the current SPY correction might be showing a similar pattern to the previous one based on Trendline, Fib - Elliott Wave counts.
In one month since Sept, SPY has fell 9% from it previous peak. If a similar market correction applied, it would be expected to fall further to reach 0.382 Fib level.
Macro and micro factor overview
US Economy is doing well but overheat seems to be taking all over the place. Fed has risen the cash rate up to 3 times this year and intended to rise the fourth time before year end.
Unemployment might fall further and reach maximum capacity of the US economy and put further pressure on the inflation rate
New global economic order is being shaped from major event from Brexit, trade war and Trump's economic stimulation policies
If unemployment, wages, and GDP can't withstand the pressure and inflation is out of control. Recession might be just around the corner.
Disclaimer
Opinion only!
Similarly, the current SPY correction might be showing a similar pattern to the previous one based on Trendline, Fib - Elliott Wave counts.
In one month since Sept, SPY has fell 9% from it previous peak. If a similar market correction applied, it would be expected to fall further to reach 0.382 Fib level.
Macro and micro factor overview
US Economy is doing well but overheat seems to be taking all over the place. Fed has risen the cash rate up to 3 times this year and intended to rise the fourth time before year end.
Unemployment might fall further and reach maximum capacity of the US economy and put further pressure on the inflation rate
New global economic order is being shaped from major event from Brexit, trade war and Trump's economic stimulation policies
If unemployment, wages, and GDP can't withstand the pressure and inflation is out of control. Recession might be just around the corner.
Disclaimer
Opinion only!