AMEX:SPY   SPDR S&P 500
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.
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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.
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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).
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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
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@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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