$SPY Idealized Next Moves

Clear impulse on $SPY so far. The third wave (in orange) is subdividing well. Ideally, we should see it grind up some more as high as the top of the orange box for the third (orange) wave. It should find supply at the level of that triangle that made the blue B wave and slow down, then make at least a nominal new high completing the blue wave 1 and then retrace at some point for the blue two.

Some caveats: I was early last week looking for lows, and I’m not too eager to start looking for a high here (lol), but some things to keep in mind: impulse waves can go as high as they want to and in a really bullish market, they don’t have to pull back as much as we think they should. But, this is a rough sketch of what we might expect over the next few days: the end of some 5-wave move up, then a pullback, and if I’m right, we’re going to really take off after that in a larger-degree 3rd wave.

SPY

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