It appears that we could put in, at the very least, a short term bottom at spy 442. It appears that this could be a wave A, which should bottom for wave 5 and catch support at the AVWAP at 442. From there I expect at a minimum 3 waves to the upside taking spy back to the 450 range. Unfortunately we could get rejected there taking us for the final leg down to 434 for our C bottom.
Trade idea: go long at 442 for the 3 wave move to the upside, on the upside move I would exit at the downtrend line and wait out to see if we can break above it, or get rejected. Rejection takes us down for our (hopefully) final leg of our wave 4
Trade idea: go long at 442 for the 3 wave move to the upside, on the upside move I would exit at the downtrend line and wait out to see if we can break above it, or get rejected. Rejection takes us down for our (hopefully) final leg of our wave 4