Elliott Wave View: SPY starts a new leg lower [Video]
|Short term Elliott Wave view in SPY suggests the decline from 3/30/2022 high is unfolding as a 5 waves. Down from wave ((B)), wave (1) ended at 385.15, and rally in wave (2) ended at 417.44. The ETF then extends lower in wave (3) towards 362.17. Rally in wave (4) completed at 393.16 with subdivision as a zigzag Elliott Wave structure. A zigzag is a 5-3-5 structure with ABC label where wave A and C both subdivide into 5 waves.
Up from wave (3), wave ((i)) ended at 369 and wave ((ii)) ended at 365.86. The ETF extends higher in wave ((iii)) towards 376.52, dips in wave ((iv)) ended at 367.65, and final leg higher wave ((v)) ended at 378.72. This completed wave A. Pullback in wave B ended at 372. SPY then extends higher again in wave C with subdivision as another 5 waves. Up from wave B, wave ((i)) ended at 378.20, and dips in wave ((ii)) ended at 372.89. The ETF then extends higher in wave ((iii)) towards 392.94, wave ((iv)) ended at 387.44 and final leg wave ((v)) ended at 393.16 which completed wave (4). The ETF has turned lower in wave (5). Down from wave (4), wave ((i)) ended at 380.80. While wave ((ii)) rally fails below 393.16, expect SPY to extend lower.
SPY 60 minutes Elliott Wave chart
SPY Elliott Wave video
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