ES (SPX, SPY) EW projection, correction nearing completion
Two scenarios:
1. Correction may have completed an ABC from September high's in the form of a 3-3-5. This is bullish and can take us to ATH's.
2. Correction may still be in the third leg down and moving up short-term in a smaller Wave B, this would be a WXY that would complete as a 3-3-3 with target of ~3150.
Currently learning towards Scenario 1 but a large unexpected event can significantly impact this correction. Watching for price action at the 3330 and the 3360 levels for confirmation.
1. Correction may have completed an ABC from September high's in the form of a 3-3-5. This is bullish and can take us to ATH's.
2. Correction may still be in the third leg down and moving up short-term in a smaller Wave B, this would be a WXY that would complete as a 3-3-3 with target of ~3150.
Currently learning towards Scenario 1 but a large unexpected event can significantly impact this correction. Watching for price action at the 3330 and the 3360 levels for confirmation.
Trade active:
We got a perfect Wave 4 retracement to 23.6% on Friday, entered some SPY calls and they were up nearly 400% today.
Targets have been hit but SPY/ES can run higher here if Wave 5 becomes extended given the current market conditions, re: election over, vaccine news, etc.
Targets have been hit but SPY/ES can run higher here if Wave 5 becomes extended given the current market conditions, re: election over, vaccine news, etc.
Trade closed: target reached