Update: Week In Review/Forecast | #SPY #SPDR #SP500

Friends,

Several days ago, we introduced an advanced market geometry pattern called Wolfe Waves pattern. When approaching this chart with pattern-filtering mindset, we noticed that the Wolfe may have disguised itself in sheepish clothing. However, we decided to highlight its 1-4 Line, which offers the landing target for the original Wolfe. What ensue was a definite confirmation of the 1-4 Line. At that point, we used our own proprietary predictive analysis and comments that further downside would be probable before a rally would occur, and that the decline would probably occur using the 1-4 Line as a back-stop. Well, price did just that, as it neared our 176.19 target.

At this point, we believe that the target remains valid despite a departure from it during today's session. Once confirmed, we also believe that a rally could ensue, and that price would maintain a trajectory spoused to the forecasting arrows.

OVERALL:
Original forecast remains valid; directional bias remains "Neutral" until a bearish reversal confirmation occurs in our analysis; Blue arrows are likely to be respected in gist - See our original chart here:
- tradingview.com/v/PHs7Az3Y/

David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting


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