Depending on how SPY and the market plays out, I believe it also has another leg up coming after some further retracement.
Targeting a 1:1 of wave 1 for 5 puts us just above 18 where there is past price resistance. If we are due for another leg up, that is a high R:R short from around 18.
Targeting a 1:1 of wave 1 for 5 puts us just above 18 where there is past price resistance. If we are due for another leg up, that is a high R:R short from around 18.
Kommentar:
it is forming a 3-3-5 correction. In which the rules are for wave B to retrace around 90% of wave 8 which would have 18.50 be the top