SPY Short: Expecting Wave 3 of 3 crash
Updated
On the chart, there are a couple of developments that I want to point out to draw a bearish scenario:
1. Cutting of trendline with 2 days of heavy volume.
2. MACD turning down below the 0 line and cutting the signal line.
My analysis is based on my Elliott Wave Counts and also on study of a few underlying stocks like AMZN, TSLA, and NVDA (the more obvious bearish technical setup).
1. Cutting of trendline with 2 days of heavy volume.
2. MACD turning down below the 0 line and cutting the signal line.
My analysis is based on my Elliott Wave Counts and also on study of a few underlying stocks like AMZN, TSLA, and NVDA (the more obvious bearish technical setup).
Order cancelled
I've changed my mind and think that this is going to be a bull scenario instead.
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