I don't think so. SPY appears to have completed the 3rd of the fifth Elliott wave and is likely to consolidate a bit (possibly in a triangle pattern) to complete the 4th of the fifth wave before moving down in the 5th of the fifth wave. So further downside is expected.
These five waves could either be wave A or the first of the five bigger Elliott waves. Regardless, SPY is expected to move up after the completion of five waves - either in wave B or in wave 2.
Note: It is possible that the 4th wave shown on the chart is actually the bigger second wave (II), but it is less likely IMHO because MACD usually dips the most at the peak of the third wave (as in this chart) and often diverges in the fifth wave (as in this chart). Secondly, the gaps are more likely to appear in the third wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
These five waves could either be wave A or the first of the five bigger Elliott waves. Regardless, SPY is expected to move up after the completion of five waves - either in wave B or in wave 2.
Note: It is possible that the 4th wave shown on the chart is actually the bigger second wave (II), but it is less likely IMHO because MACD usually dips the most at the peak of the third wave (as in this chart) and often diverges in the fifth wave (as in this chart). Secondly, the gaps are more likely to appear in the third wave.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Trade closed: target reached
