SPY: 20-min. from 3/26 top to today its thus far a 3-wave move = correction. If true, then a test of 3/26 top likely with last goodbye kiss to Goldy at 61.8% at 282.3.
BARRONS delivers "SELL signal by saying BUY" Its called the magazine cover or added by me, newsletter or article Indicator at major turning points https://www.barrons.com/articles/the-case-for-buying-boeing-stock-now-earnings-be-damned-51553701700
questions : 1 st wave crossed the 23.6%. 2nd wave crossed the 38.2 % 3rd wave touched just shy of 61.8% How many wave cycles are there and after which wave does the downtrend continue. Did it get the above right ??
I assume you're referring to the rally on 20 min. starting 3/25 and ending 3/26. ? If so, within the wave, the 1st subwave ended at 23.6%, the next subwave up is called a 3rd which blew past = gapped thru' 38.2% smack into next level 50% which gave SPY resistance so she generated subwave 4. Then subwave 5 topped the sequence off on 3/26.
Think of it like this. This is how NATURE works. Within Nature there are always waves just like the waves in the ocean. Ditto for the waves in the blood pulses thr' arteries and veins. Financial Markets are the same. Waves, waves waves. All timeframes have their waves. To see the character of a stock you must visit its large waves, i.e Monthly. On each and every timeframe every wave in line with the dominant trend manifests as a 5, the corrective wave as a 3. Just with what's in this one solitary post you can flog every mother's son on this site. See why in next post.
Interesting and makes complete sense. looking forward to next post. could you refer to some pointers to better understand "On each and every timeframe every wave in line with the dominant trend manifests as a 5, the corrective wave as a 3."
The destroyer of Wave Theory is none other than its finest lieutenant, Robert Prechter and his gang at EWI. All nice fellows I'm sure, but they suck at market timing. At ET these fellas are despised and hated with a passion because it appears they've killed huge numbers of traders. EWI has the audacity to call Nature's wave ELLIOTT in such a way as to imply Elliott is God. The waves belong to OUR UNIVERSE. When I apply wave theory its just my interpretation of Waves in the Universe - How deep is this study? Light years, ongoing, scratch the surface only. That financial markets move in waves is the one true OBVIOUS gift given us as a freebie if we just look at a PRICE chart. But bone trashes Nature's inner workings like there's no tomorrow. SAD!
Take SPY. ..... monthly timeframe. Count the waves. The chart provided is on Arithmetic scale, the home of ET. The trendlines are white. Its a different picture if you change to Logarithmic scale. This scale scores the footprint of the HERD perfectly. If I were to take ET since 2000 or 2001 to study it, I would use Log scale.