Dr_Roboto

S&P 500 - Don't buy into the FOMO - Correction is coming

לונג
Dr_Roboto מעודכן   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Okay, been hard at work on my Elliott Wave analysis. I keep getting it slightly wrong. It is very hard to pick out the patterns with all of the noise. I made another large mistake last time! We are on Wave 5 now not Wave 4. We are on the last leg of Wave 5 and getting ready to go into correction. There is a slim potential for a little more upside, but this thing is about to come crashing down if my wave analysis is correct. I am on the sidelines for now.

Thoughts?
הערה:
I saw the drop starts around 11:30. If not, then wave 5 will be longer in time than wave 3. I believe that is not allowed.
הערה:
I meant to say I see (estimate) that it will start around 11:30. Have to wait and see.
הערה:
It just keeps going on low volume. Maybe 3150 by the end of the day, then a correction?
הערה:
Peaked exactly at 11:30 a little higher at 3120. If the trend matches with past tops, then the drop should start around 3:00. I would not be surprised to see a retest of 3120 before the drop starts. It is a reoccurring pattern to see a double top then the drop.
הערה:
One thing to note. It is possible that this is not the end of wave 5 and is instead the end of wave 3. If so, then there is one more leg up after a small correction. The next leg up would end around 3180.

I bring up this possibility because the height of wave 3 does not seem to be tall enough to meet the Elliott wave criteria. That leads me to believe that today could actually be the end of the wave 3 not 5.
הערה:
I give up. Its 3:30 and it is moving up towards 3130. Either I suck at Elliot Wave analysis or this irrational exuberance is unstoppable. No significant pullbacks at all during this 2 week long motive wave, just little dips. I am all out of ideas. Where did all the sellers go?
כתב ויתור

המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.