$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 my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. 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Your email address will not be published.