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Elliott Forecast

Elliott Wave View: SPY Looking to Resume Lower

November 3, 2022 By

Short term Elliott Wave structure in $SPY suggests cycle from 8.16.2022 high is unfolding as a . Down from 8.16.2022 high, wave (A) ended at 348.11. Up from there, Wave (B) ended at 390.73. The internal subdivision of wave (B) unfolded as a zigzag in lesser degree. Up from wave (A), wave A ended at 375.45 and pullback in wave B ended at 362.20. Wave C higher subdivided into 5 waves as the 30 minutes chart below shows.

Up from wave B, wave ((i)) ended at 387.58 and dips in wave ((ii)) ended at 373.80. Wave ((iii)) ended at 390.28, pullback in wave ((iv)) ended at 385.26, and final leg higher wave ((v)) ended at 390.73 which completed wave C of (B). Wave C completed at the 100% – 161.8% Fibonacci extension of wave A at 389 – 406. This is a typical area where a 3 waves rally should end. The ETF has turned lower in wave (C). Down from wave (B), wave ((i)) ended at 381.39 and rally in wave ((ii)) ended at 388.63. As far as pivot at 390.73 is intact, expect rally to fail in 3, 7, or 11 swing for further downside.

SPY 30 Minutes Elliott Wave Chart

SPY Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-spy-looking-resume-lower/

#elliottwave #trading #SPY

03/11/2022 1 EN

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Elliott Forecast

Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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