SPY finishing Wave 3 at $365 then correcting to $250 for wave 4?
Diupdate
Looking at the SPY, I have tried to identify wave patterns.
My current view is that we are finishing up wave 3
near the 2.618% extension of wave 1 at around ~$365
Wave 3 looks to be extended with 5 sub divided waves which also contains an extended sub third wave.
Wave 4 corrective target is set to $250
at the 23.6% retracement of wave 3.
This would have the wave 4 end within the span of the previous 4th wave of one lesser degree.
Using the Fibonacci extension tool to try and find a wave 5 target of the extended third wave
I find that taking the extension tool from
start of wave 1 to end of wave 3 and pulled to end of wave 4 gives the 61.8% extnesion target at ~$372
start of wave 1 to end of wave 1 and pulled to end of wave 4 gives a 2.618% extension of wave 1 for wave 5 at tartget ~$368
My current view is that we are finishing up wave 3
near the 2.618% extension of wave 1 at around ~$365
Wave 3 looks to be extended with 5 sub divided waves which also contains an extended sub third wave.
Wave 4 corrective target is set to $250
at the 23.6% retracement of wave 3.
This would have the wave 4 end within the span of the previous 4th wave of one lesser degree.
Using the Fibonacci extension tool to try and find a wave 5 target of the extended third wave
I find that taking the extension tool from
start of wave 1 to end of wave 3 and pulled to end of wave 4 gives the 61.8% extnesion target at ~$372
start of wave 1 to end of wave 1 and pulled to end of wave 4 gives a 2.618% extension of wave 1 for wave 5 at tartget ~$368
Catatan
This is all wrong.I should of looked at SPX instead of SPY to start this analysis.
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