Hey all! Just wanted to give some insight to the SPY for a chance.
We definitely are following an Elliot Wave pattern pretty closely and even with tensions US China wise, we are still in Bull Territory.
Will it correct soon? We'll have to see if there is a resurgence vs. if there is a vaccine before that occurs.
Tuesday will show an area of short Call territory before we really find out which direction SPY will go as it wedges into Holiday territory and Summer positivity.
There's also some good info on 2018 comparatively when looking at both crashes and their recovery time. On this chart you'll see that 70 days is my estimate on recovery based on average crash data.
Robinhood and a lot of consumer level trading apps have been helping Bulls really push the market up along with the Fed. Why wouldn't you put your stimulus check in the most volatile time of our lifetime?
Give a follow so we can grow together? Any comments? Feel free to chat :)
i sold everything on thurs high and hoping that we would see the pull back to 288 area soon. I'm surprised that we still see a positive pre-market number while the Asian market (HK) is in hell.
anyways, thanks for the analysis!
PiersonFinancial
⋅
@kits013, Definitely, not a problem. We all know the market does what it wants when it wants, we can just hope we have enough info to properly diagnose the future.
ProfitHarvest
⋅
You fundamental analysis is very weak.
Your RSI and Volume looking very bearish.
PiersonFinancial
⋅
@ProfitHarvest, Thank you for your comment, much appreciated. Can you explain what you would see to fix? I've updated my chart a little today.
ProfitHarvest
⋅
@PiersonFinancial, Vaccine is minimum 10 months out plus maybe a few months distribution ramp up at the earliest. 0% chance of vaccine anytime in next 6 months so not a factor worth considering here.
Analysis seems oblivious to historically high unemployment and ongoing coronavirus threat and the technicals you displayed too. Just fun to challenge the Bulls to beef up their case a bit :).
Asanato
⋅
Very nice chart and descriptions! I Agree with you
anyways, thanks for the analysis!