Click to enlarge and see the counts
A bearish Elliot wave count for the near term on the $SPY. SPY for those that don’t know is a commonly traded ETF that follows the S&P500. I like to use it as an indicator of market direction better than the indexes themselves because it reveals more about trader’s sentiments. It’s also useful to observe the markets after hours.
The c wave is known to be one of the most statistically significant. Some traders center their technique around c wave. Elliot wave theory of very interesting, and I will post more about it in the future. If you don’t know about it I suggest you Google it and learn.