SPY 1H update ............. nice rally, in fact a magnificent rally .......... took out my trendlines .......... did I see the rally coming? No way, Jose!!! updating the wavecount the way I see it ............. today's rally is a wave C to finsh wave 4 My expectation would be that BEAR continues down in Wave 5 tomorrow So, this rally top on 1H is Wave 4.
SPY on daily is just breaking out of the trendline, not broken out but breaking out. 61.8% resistance is right above it. See teh two times I have numeral "4" ? Well one is for 4a, the other for 4c meaning that wave 4 is an a-b-c as it should be. If it turns out to be anything else, then I did not see it and therefore failed!!!
Ding ding ding, bell's a ringing Bottomline: Daily and 1H downtrend intact as on 1H there is no higher high.. TREND remains Down. But this does not in any way shape or form detract from the gorgeous rally. For those who might have forgotten, all my trasding acounts are closed except for just one account which is my Euro trade. When I finsih that trade I will close taht account too and be a totally free bird just galllivanting and dipping galinaceous birds in ebullient adam;s ale. So don't follow my stupid trades, I have NO skin the game. But I love to practise my craft so that's what this thread is all about. Daily & 1H TRENDS remain down for continued SHORT tomorrow Volume on Spy sucks bigtime as only the down bar had good volume, the green bars are low low low volume. Hasta la vista amigos SPY 1H
Special thanks to angrytrader for this magnificent pieceof music - now in my permanent vault and listening to it right now again while I go to lunch Spectacular stuff