The Long Investor
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$SPY TOP 20
🕑 Added 2025-04-03 19:47:25 +0000 UTCThe last 24 hours have been a ride, many will want to forget about it quickly but I believe we have taken the right approach to this pull back and the vast vast majority of people have embraced it and can see the opportunity ahead of us in our group.
I can not see any other group, or chartist able to do what we have done here and we have been all over this.
The more we know, the less we fear.
The Melt Up scenario is now ruled out and and I am looking for a decline to the 0.38 Fib to at $512.
A retest of the $550 level will likely happen tomorrow or early next week but the trend is clear to the downside, so a retest followed by a rejection can happen next.
In this pull back there is only 3 waves so far, Wave A typically has 5 waves, or Wave X has 3, which is also a corrective wave, so we will need to see how this develops.....the structure in this pull back is implying an overshoot of the 0.38 Fib right now, so the 0.5 Fib is possible too.
I will continue to update this every day as the structure develops.
Capital preservation is the aim right now, Cash will be king shortly.
Comments
Rob
Spy dropped to 515 in pre market
John Spiropoulos
Oh my…I just woke up and my goodness things got worse.
G4Golf
If I understand correctly, a wave (corrective or motive) can only be 3 or 5, not 4 waves. And we are in c of A of ABC
Florian
Looking on the hourly chart for me it seems like we are currently in wave C. Wave B may was very shallow as it was on $HIMS. But lets see how it unfolds.
George
The good news on this, the US10YR is following too. We needed that to come down before the next leg up
Karan Talwar
Bro what is the contrarian view to this? What if Wave A is only 4 waves and we don't go to that 318?
Dom
Appreciate u cap
NR15
Thanks for the analysis and update!
