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SPY - 1 Hour Chart - Elliott Wave Four Finished?

Short
BATS:SPY   SPDR S&P 500 ETF TRUST
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If this intraday correction is impulsive, we may have just completed wave 4.

If this correction is a zigzig or other than impulsive, we could see a little more movement up.

The bottom line is that it looks like we will be going lower sometime soon.

Comments?

Comments

Intermediate-term, I've found that this Elliott Wave indicator may not be always on the money. Daily MACD 5-34 points to Jan 30th being wave 3 ... that would make this much later in the game (maybe a failed 5th?). Combine that with the probable down-slanting (nested) head & shoulders, we may be looking at skiing season ... or maybe this is just a zig-zag to start wave 5 after all (but your indicator trendlines say otherwise). It'll be interesting to see what develops.
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