167 6 5
Some of my Elliott Wave annotations disappeared (thanks tradingview). I've replaced them and realized I hadn't updated SPY             in a while. I'm long expecting a 3rd wave in (5) of primary 3. Potential entry (or leverage opportunity) to be added below in an hourly chart.
I think I've got a SPY             or SPX             weekly chart idea posted in the past month or so with the bigger count. Can't find it to link.
2hr chart update.
nick.holland78 nick.holland78
Price should violate 222 region, the green 61.8% extension, at this point in the heart of a (iii) of cir-iii of 3.
Really zooming in here. 30min. I have no idea how long (ii) will take. Pull back correctively here and take out the top of (I) and this can melt up quick. Side note; IWM already confirmed wave (iii).
Here's the 2hr chart. White wave (i) hit the 61.8% extension on the nose. Very bullish imo. IF we get a retrace in (ii) I'm looking to add leverage for the heart of (iii) of 3 in the 215-218.5 region. Wave (ii) may be quite shallow, and in fact may already be complete (yellow alt count). Stop below the red line, a confluence of the 23.6% extension and 61.8% retrace of white (i). These a manually calculated log-based fibs. Wish tradingview would calculate them for me instead of plotting arithmetic fibs on log scale...
+1 Reply
G13Man nick.holland78
@nick.holland78, thanks for info of scaling on fibs in TV , that would explain some things that did not look correct to me
@G13Man, TV only calculates fibs arithmetically even on log scale. It's a known limitation, one several have asked them to update. Not a big deal on small timeframes, but really matters on big moves. Take a monthly chart in log scale and project some fibs with their tool. You'll see what I mean. I calculate them separately, then plot them with labelled trend lines. When you look at my 100% fibs you'll see they're the same size as the initial move. Same from 100% to 200%.
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