SPY has been undergoing accumulation, markup activated 10/21 above 373.93 (will want to see continuation next week for the path to play out in timeline detailed below):
Initial Target 388-393 by end of October 2022 (SoS)
Slight pullback to 377-382 into early November (BU/LPS)
Estimated trajectory following above scenario:
408-419 by December 2022
371-384 going into Jan 2023, likely will re-accumulate here
Attempt breakout of larger downtrend at 395-400 level around Feb. 2023
Goal Target 515-550 (new ATH) by Summer 2023 to end the 13 year bull cycle ; will begin major distribution there
Bigger picture is SPY shows indication that it has completed wave IV via a tripple combo and has been accumulating to start of wave V.
Initial Target 388-393 by end of October 2022 (SoS)
Slight pullback to 377-382 into early November (BU/LPS)
Estimated trajectory following above scenario:
408-419 by December 2022
371-384 going into Jan 2023, likely will re-accumulate here
Attempt breakout of larger downtrend at 395-400 level around Feb. 2023
Goal Target 515-550 (new ATH) by Summer 2023 to end the 13 year bull cycle ; will begin major distribution there
Bigger picture is SPY shows indication that it has completed wave IV via a tripple combo and has been accumulating to start of wave V.
Comment:
follow the green line still, should get hit to 380s soon but expect volatility in this range before the drop
Comment:
Expecting bounce from here to 393 and the back down to 374. There should be re-accumulation there before attempting run to higher high than 410 (eyeing 430)
Comment:
Follow the green trajectory, next move to 390s to kick off 2023
Comment:
Seeing a lot of bearish posts, however, I would follow this post as its played out exactly as expected thus far.
Comment:
Posted updated idea that picks up where this left off called "SPY Update - Bullish (final dip)
Comment:
My goal target was 515-550 back in October 2022 - looks like we are getting close.
