SPY When a duck may not be a duck
Last weekend I posted that /ES SPY was in an ABC correction after 5 waves down, and I anticipated that once the correction completed it would resume the dominant trend down in 5 wave fashion to a new low.
Makes complete sense and it follows all the Elliott rules. But when has SPY ever really made complete sense?
That's why I'm proposing we could completely ditch the ABC correction and already be in wave 2-3 of an immediate 5 wave up that would bring us to approx 3130 or a .786 retrace.
In fact, there are too many active bullish patterns in play whose targets measure up to that region to ignore. (I'll attach below).
And seriously, it just wouldn't be any fun if there weren't conflicting directional signals, would it?
Makes complete sense and it follows all the Elliott rules. But when has SPY ever really made complete sense?
That's why I'm proposing we could completely ditch the ABC correction and already be in wave 2-3 of an immediate 5 wave up that would bring us to approx 3130 or a .786 retrace.
In fact, there are too many active bullish patterns in play whose targets measure up to that region to ignore. (I'll attach below).
And seriously, it just wouldn't be any fun if there weren't conflicting directional signals, would it?
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imgur.com/Nii8cNO