displyn

SPY: running out of steam

AMEX:SPY   SPDR S&P 500 ETF
80 8 0
Resistance at 213; indicators are bearish .
Why do you say that the indicators are bearish? Looking at the Stoch, every time the blue line approaches the orange line from below, the stock gone up. It looks like the blue line is about to pass the orange line from below again. Likewise, the MACD has already turned upwards.
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displyn Will Wong
Stochastic cross the 80 Overbought level plus the MACD crossover and heading toward the zero line. However, I would wait for confirmation before getting bearish. Plus, the 213 resistance level must be cleared for the Bulls. Currently, this is Wave 5. Price action could consolidate here for awhile.
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Will Wong displyn
We could still be in sub wave B of 4 too right?
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displyn Will Wong
Yes, but how much more can this ETF go? What's your thoughts? If you drill down to the hourly chart you will see two overhead resistance levels that must be cleared for the bulls to continue to be in charge.
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displyn displyn
I meant Daily chart. Two resistance are the 211.42 and the 213.65?
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Will Wong displyn
Here is my preferred count:-

snapshot
Reply
Will Wong Will Wong
The length of wave 2 tells me that wave 4 should be comparable (by the rule of alternation). That is why I think we are still in wave 4.
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displyn Will Wong
Great, lets see how she plays out.
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