SPY final channal idea with throw-over top
Final channel wave 5 with 445 resistance – equals 1.618 extension of wave 1 - 2.618 of wave 3 zig zag – but also the first wave extension 2.618 in wave 5.
A lot of resistance in area around 420 where it has been trading for 2 months. Combined with falling trading volume this consolidation period can become a lot more volatile with the smaller volume, and this can be the tricker for breaking up or down forcefully. I think upwards to the area just under the trendline of top 1 and 3. Here it will trade sidewards until the final push and throw-over top.
A small correction today and then pump up to 435 area for consolidation
A lot of resistance in area around 420 where it has been trading for 2 months. Combined with falling trading volume this consolidation period can become a lot more volatile with the smaller volume, and this can be the tricker for breaking up or down forcefully. I think upwards to the area just under the trendline of top 1 and 3. Here it will trade sidewards until the final push and throw-over top.
A small correction today and then pump up to 435 area for consolidation
Comment:
Possible count of wave 1 of 5 - So I was to early on the correction guess
Comment:
The update count from yesterday looks good