Update: Did The Big Bad "Wolfe" Scare You? | #SPY #AMEX #SPDR
Last Friday, at market close, we indicated that #SPY had developed bearish tendencies, and went on discussing the potential development of a Wolfe Waves pattern, whose target line (the "1-4 Line" in the chart) was included as a potential level of support with temporary reversal. In fact, in a tongue-in-cheek way, we went on to trace a potential price pathway - See the chart as we left it on market close:
As of this first day of trading, we are glad to see that the Wolfe Waves pattern - albeit alternate in its anatomy - has fallen right at the 1-4 line as we had supposed it might.
At this point, we expect that the 1-4 Line might be used as a "back-stop" until price reaches our initial 176.19 target. If instead price reversed, bears would be glad to be reminded of a significant 183.23 demarcation, a point which if crossed should caused them concern.
OVERALL:
As indicated in our prior predictive analysis, the directional indicator remains NEUTRAL, until such time that we receive a bearish reversal confirmation signal. For the time being, we'll qualify this big bad Wolfe as "Neutral-to-Bearish".
Cheers,
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado
USA
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1 - #USDollar: on.fb.me/19Pf77y
2 - #AUDUSD: on.fb.me/1kDHbdB
3 - #NGAS: on.fb.me/1aSMYHV
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As of this first day of trading, we are glad to see that the Wolfe Waves pattern - albeit alternate in its anatomy - has fallen right at the 1-4 line as we had supposed it might.
At this point, we expect that the 1-4 Line might be used as a "back-stop" until price reaches our initial 176.19 target. If instead price reversed, bears would be glad to be reminded of a significant 183.23 demarcation, a point which if crossed should caused them concern.
OVERALL:
As indicated in our prior predictive analysis, the directional indicator remains NEUTRAL, until such time that we receive a bearish reversal confirmation signal. For the time being, we'll qualify this big bad Wolfe as "Neutral-to-Bearish".
Cheers,
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado
USA
---------------------------------
Want more forecasts and cool charts. Join us on TradingView.com: 4xForecaster
Want signals? Follow us on Twitter: @4xForecaster
Our Dead-On Hits Archive: bit.ly/16JMnH8
Like Us! on Facebook: www.4xQuad.com
See our recent successful forecasts:
1 - #USDollar: on.fb.me/19Pf77y
2 - #AUDUSD: on.fb.me/1kDHbdB
3 - #NGAS: on.fb.me/1aSMYHV
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