SPY - topping in a corrective wave ( B ) up
The rally off the low in December 2018 low looks corrective. That final wave C of (B) up may stop at 161.8% extension of wave A up (274.44) or stretch higher to 176.4% ext or 185.4% ext ( 277.24-278.96). Scroll down to another chart and I will show you how what fractal is in play here.
SPY - 15 min chart updated on 5 February 2019
This is an actual chart played a large corrective wave ( 4 ) down subdivided into (A) down – (B) up and the final wave (C) down in 2011-2012 years. The main question here is that corrective wave ( B ) up has stretched high enough. Unfortunately, waves B are are the least predictable waves. It never plays any specific pattern so its impossible to nail its completion. We can only watch for the major projection and retracement Fibonacci levels.
