My SPY analysis is pretty much aligned with the CBOE:SPX index
Here is the best estimate of where we could be now. Minor 4 lasted a little longer than forecasted but managed the moves up and down in line with historical models. It is possible Minute waves 1 and 2 inside of Minor wave 5 have already completed. If that is the case this is the plan for Minute wave...
Technical Analysis:
- As you can see in the chart, SPY is doing a short term wave 3 in red
- We expect that it will extend lower to finish correction around $300 ~$310 in the orange circle to complete the ABC correction of the wave II in red
- H1 & H4 Right Side is Turning Down
Technical Information:
- SPY is a ETF and it has a very strong correlation with...
=the pops will take out the bears and lead on the bulls. admit when your wrong and don't get set on anything in stone we will change rapidly guaranteed and then change rapidly again dont be the person always on one side
If you haven`t bought puts ahead of the FOMC meeting:
Then you should know that the P/E Ratio of the S&P 500 even after last Friday's sell-off is 18.66.
Now considering that the median value is 14.90, i would say that a fair price for the S&P would the the pre-pandemic level of $3380, and respectively, for its etf SPY, $338.
We might see a technical bounce...
I think SPY is forming an Inverse Head and Shoulders Bullish Chart Pattern with a target of $480 by the end of the year.
Today the Contrarian Investing is a good idea: "Buy When There's Blood in the Street"!
looking forward to read your opinion about it.
