Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of SPY published in membership area of the website. As our members know, SPY is showing incomplete bullish sequences in the cycle from the 12.22.2022 low . That makes the ETF bullish against the 387.22 pivot. Recently SPY has given us short term correction. We got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
SPY 1h Elliott Wave Analysis 1.25.2023
SPY made 5 waves up in the cycle from the December 22nd low. Break of 1 red peak ( 01.17) made the ETF bullish against the 387.22 low. Currently we are getting 3 waves pull back which is correcting the cycle from the mentioned low. Equal legs area is already reached at 396.75-393.63 and from there we expect to see turn higher. As the ETF is currently in bullish cycle, we expect buyers to appear at the marked area for further rally toward new highs ideally.
Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.
SPY 1h Elliott Wave Analysis 1.26.2023
SPY found buyers at the equal legs area :396.75-393.63 as expected. Pull back ((ii)) black ended at 393.6 low. We got nice rally toward new highs. As a result, members who took short trades mad positions risk free. ( Put SL at BE) and took partial profits.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.