lunedì 14 aprile 2014

SPDR S&P 500 (SPY)

today the SPY opened higher at the beginning of the session tested the highs of Friday just to give it all back and in to the end spy manged to rally to 182,94.

For the upcoming session I will be watching if it will manage to hold  today's low. if it will be broken it will trigger new leg down which it could sell to 178.83.  in the other hand, breaking today's high spy could test 184.11.

Looking at the correction structure as a wave perspective we could have wave one completed  from 189.70 to 183.93 and then we got a 61.8% the length of wave one correction that could be labeled as wave two, wave three from 187.17 to 181.13 and now we are in a wave four , breaking the low of today would trigger wave five which could sell  178.83 OR it is just an A-B-C correction which ended at 181.31.

as I mentioned in my last posts I am still watching if the QQQ will fulfill the  Descending broadening wedge pattern As far as it will be holding 83. (check below)

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