SPY SPX Elliott Wave Triangle Follow Up
Following up on the Elliott Wave triangle, big picture, SPY is still in wave e, the final wave of the massive triangle from the January highs.
Wave y, A) went down to 268.49. I believe SPY is in wave B) up. SPY has completed wave A (of B)), with the move to 273.66. Wave B was a deep correction and brought SPY down to 269.24. Wave C will typically surpass the Wave A high, and will complete wave B). Wave C) down should then surpass the wave A) lows, and when complete, should complete the traingle wave e. When complete, wave V up should commence.
Of course, there are some alternate counts, but the main ones will yield similar results.
Wave y, A) went down to 268.49. I believe SPY is in wave B) up. SPY has completed wave A (of B)), with the move to 273.66. Wave B was a deep correction and brought SPY down to 269.24. Wave C will typically surpass the Wave A high, and will complete wave B). Wave C) down should then surpass the wave A) lows, and when complete, should complete the traingle wave e. When complete, wave V up should commence.
Of course, there are some alternate counts, but the main ones will yield similar results.
Comment:
With the move above the wave A high, wave C,B) has met the minimum objective. There is a bit of Fibonacci resistance at the 275.35 area, a .618 retracement, and 1.272 extension, so this would be an ideal area for the bounce to end.
Comment:
The above Fib resistance has been reached, but the wave structure doesn't appear complete for the up move, so I'm just watching for signs of a reversal, which very possibly won't occur at this level.
