Our ABCD tool has provided some very tight potential PRZs for SPY in the days/weeks ahead.
By focusing on 2 key ABCDs currently in play, we have some insights as to where price may
turn should they be reached. I have added BC extensions (larger ABCD) for confluence.
NOTE: Please notice that the AC measure on the larger ABCD is .618. This could come into
play for a possible bearish Cypher/Shark depending upon the extent of the lower low in progress.
Basis SPY, it would appear the 247 area should be key assuming it is reached. I could envision it being
the end of a C wave or 3, with either an outright reversal or bounce for a w4. These are a couple
of possible outcomes.
By focusing on 2 key ABCDs currently in play, we have some insights as to where price may
turn should they be reached. I have added BC extensions (larger ABCD) for confluence.
NOTE: Please notice that the AC measure on the larger ABCD is .618. This could come into
play for a possible bearish Cypher/Shark depending upon the extent of the lower low in progress.
Basis SPY, it would appear the 247 area should be key assuming it is reached. I could envision it being
the end of a C wave or 3, with either an outright reversal or bounce for a w4. These are a couple
of possible outcomes.