Here is our blog’s SPY Elliott Wave Analysis & Forecast for the 19th of June 2022.
Given the current Geo-political situation as well as the persistent inflationary pressures, I am more inclined to view the current drop as part of the first 5 wave sequence in Blue for the first A leg in White of the larger ABC correction.
Projecting the A Leg in White to complete around the Fibonacci retracement level of around the 38.2 region.
Kindly note that this is not financial advice, just my humble opinion on SPY.
Please DYODD ( Do Your Own Due Diligence ) before taking any trades.
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