charts: SPY Weekly & Monthly

Courtesy of eSignal

Courtesy of eSignal

The top chart is the weekly SPY.  Note that this weeks price bar is above the top band.  Usually the price bar goes back below that point and trades within the bands.

The bottom chart is the monthly SPY with the Andrew's Pitch Fork.   This months price bar, circled in red, is now up against the lower trend line.  In the past you can see where these trend lines have been support and where they have been resistance.

Note that the Elliott Wave counts are not in stone.  They constantly change as price bars change.  They are only used as a suggestion of the wave count.  There are always alternate wave counts that should be considered.

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This has been posted for Educational Purposes Only.   
Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results.