$SPY: A Second Selloff May Be Gaining Probability

Lots of ways to micro-count $SPY, so there’s a couple of alternatives here. Depending on where we want to place the minuette-degree waves (purple and red options), we may have a high in now or we may need one more. You can count the move from yesterday’s high as either a flat for four, or as a series of ones and twos, to the downside, so that part’s unclear.

The blue b down there is looking more and more to me like a triangle, improving the odds for the bears here, in my opinion. If that is, in fact, a triangle, we don’t want to see one down there if we’re bullish.

SPY


[UPDATE]: Since we got the second selloff (green arrow) that I was looking for, I will file this under “Successful Calls.”

SPY


Note: When articles are first published, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced (or to join my Discord chatroom), please consider becoming a patron. Note that there is a 7-day free trial period. More information may be found on my About page and on my Patreon page.


2 thoughts on “$SPY: A Second Selloff May Be Gaining Probability”

Leave a Reply

Your email address will not be published. Required fields are marked *