However, with the correction in 2022 after a strong uptrend, I think that I might identify a classic 3-part (A-B-C) corrective move, with subdividing fractals, which I have outlined on the weekly 3-year chart below for the SPX using my TD Ameritrade Thinkorswim platform. With the passing a few years ago of Tony Caldaro, whose approach I favored, the larger pattern has been lost on me. In the past I often referred to the form of the market using Elliott Wave ("EW") theory. And the day after the rebound that tagged the 200 day moving average on August 16, I again shared my expectation that a short-term top was in and that the SPY would revisit the June lows. As I wrote throughout this period in my trading blog (free access to Followers), I expected the markets to go lower. From Januto June 17, the S&P 500 (using the index tracking ETF, SPY) was down 24.5%, giving up about 18 months of price gains.
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