SPY SPX SP-500 Near upper limits of Freaky 4th wave!
Today we see the Peek-A-Boo of Spy looking over the resistance line as shown. This is a perfect spot for the market to turn soon. In the measurement of the "Freaky 4th wave we look for a retracement of the 3rd wave of 66.6% -81.25%. We are getting close to the upper limit of the 81.25% (271-272 zone) If this reverses in the area circled in yellow, it could be a very powerful move down to break the Dec lows in a brutal wave 5. Maybe down until March 21 2019. W.D. Gann talked a lot about the timing dates of spring equinox.
This would create an expanding diagonal 5 wave pattern down and could be labeled as wave A in the Bear market correction from the all time highs set back in Sept 2018.
I am loaded with puts for the anticipated turn down. Let's see what happens in the next couple of months :)
This would create an expanding diagonal 5 wave pattern down and could be labeled as wave A in the Bear market correction from the all time highs set back in Sept 2018.
I am loaded with puts for the anticipated turn down. Let's see what happens in the next couple of months :)