SPY (S&P500)

BKR88

BKR88

EW traders, is this possibly a correct setup? Not sure on wave 1 (additional swing?).
Wave 4 overlaps wave 1 a bit which is not allowed?
I don't trade EW or Fibs but I think big traders do so occasionally place on HTFs to see if anything lines up to appear it's being followed.
23 & 38 fibs appear somewhat respected.
Best buy zone is usually 50-68 IMO but doesn't correspond with EW (if correct).

Fundamentals say lower IMO but if I was ignoring fundis I'd probably be watching the current leg up to see if wave 4 area is tested followed by a retrace to 38 fib then a move higher.

spy.png
 
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Couple of things:
1) Fibs are usually better when there is recent memory
2) Fibs that overlap with other SR are better.
3) Adjust to consider WHO is also using them and WHY. (big players, little players)?
4) For the bottom seeking, take your time. Calling the bottom is like calling the top, you don't need to get it exact-precise. The change of direction is more important.
5) Round numbers will probably come into play.
6) 200 day xxx MAs will probably come into play.

I would put Fibs on the daily charts for ES-SP into a 3rd tier useful, category

Best of luck
 
BKR88 said:
EW traders, is this possibly a correct setup? Not sure on wave 1 (additional swing?).
Wave 4 overlaps wave 1 a bit which is not allowed?
I don't trade EW or Fibs but I think big traders do so occasionally place on HTFs to see if anything lines up to appear it's being followed.
23 & 38 fibs appear somewhat respected.
Best buy zone is usually 50-68 IMO but doesn't correspond with EW (if correct).

Fundamentals say lower IMO but if I was ignoring fundis I'd probably be watching the current leg up to see if wave 4 area is tested followed by a retrace to 38 fib then a move higher.

View attachment 287656
More...

I see it differently.

Here is your chart re-imagined...

retrace2020.JPG


See the yellow box? That is a phantom freaky bit. An anomaly. That just goes away in my mind. That was the freaky COVID Powell put.

It was this...


The purple lines are the "normal trend channel that occurred after the world started coming back to "normal"". The red arrow is showing an extreme low break below the channel. Does it signal a bottom? I do not think so. But I do not seeing it hitting the bottom of your retracement zone
 
BKR88 said:
EW traders, is this possibly a correct setup? Not sure on wave 1 (additional swing?).
Wave 4 overlaps wave 1 a bit which is not allowed?
I don't trade EW or Fibs but I think big traders do so occasionally place on HTFs to see if anything lines up to appear it's being followed.
23 & 38 fibs appear somewhat respected.
Best buy zone is usually 50-68 IMO but doesn't correspond with EW (if correct).

Fundamentals say lower IMO but if I was ignoring fundis I'd probably be watching the current leg up to see if wave 4 area is tested followed by a retrace to 38 fib then a move higher.

View attachment 287656
More...
%%
NO not for me \ too many downtrends for me to buy that;
UPRO was ok for daytrade recently , not now, so no Technicals suggest lower the way i trade; investors could buy it every month..................................................................
 
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