Elliott Wave Analysis of SPY (SPDR S&P 500 ETF) Update

Wave Pattern Traders Team Wave Pattern Traders

Since the last post, its declined nicely, the completion of a 5 wave decline from 295.38 into 279.74, followed by a bounce could suggest the move from 279.74 is close to ending or possibly completed at 289.25.

A strong move below 285.00 is needed, followed by an impulsive decline below 282.00, would be a strong sign to further support a move lower. Initial downside targets reside around 274.00, although based on the next decline will help decide if the move from 295.38 will develop into a 3 wave decline, which is bullish, or a 5 wave decline, which would be bearish.

The current idea is wrong above 295.38.

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Wave Pattern Traders Team

Wave Pattern Traders

Specialists in the use of Elliott Wave, Market Analysis, Fractals & Fibonacci.

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