Using Elliott wave SPY concluded ABC correction and entered new 12345 uptrend wave.
I don't believe SPY would can get to ATH and I believe we are going to enter recession, which will bring the market significantly down.
If we bottomed, then I would like SPY to close above 440 today or Monday. Next target would be 452.
Good luck !
I don't believe SPY would can get to ATH and I believe we are going to enter recession, which will bring the market significantly down.
If we bottomed, then I would like SPY to close above 440 today or Monday. Next target would be 452.
Good luck !
Note
SPY will need to brake through 200EMA and shortly after 50, on top there is wall of resistance at 439.28, I would assume it will happen in over the weekend session.Note
I am out from the trade, achieved 440, will wait for consolidation and to place another bet for 450 (452)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.