SPDR S&P 500 ETF TRUST

Short

SPY bearish Wolfe Wave M15

Updated

It's a bearish Wolfe Wave. The dashed line is the target line.

Note

Wolfe Wave seems to work. Now its climbing on low volume whereas the inicial descent from point 5 of the Wolfe Wave the volume was higher.

snapshot

Note

After the 50% correction of the initial down-movement the idea is to go short with a stoploss slightly above the 100% fibonacci retracement (e.g. 303) and a take profit at the 161,8 fibonacci extension.

Trade closed: target reached

Target was reached yesterday.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.