Ok, so today we got the 2% drop i anticipated, from a top of 3027 to 2958. I expect spy to test the bottom of 2958 this week, and i expect it to hold, or drop a bit below but not much, and then it will reach to new ATH over the next 2 months. Chart on weekend as usual.
Current Elliott Waves - This week we got blue wave 4 as expected. This correction was bigger than what I would have liked to see, which raises the possibilities that blue wave 5 will have some violent moves/corrections in it.
Anyway, looking at blue wave 4 done this week, I can see an A-B-C with enough subwaves in C to finish the correction. However, sometimes it does a final lower subwave, and if this is the case here, I will get even more long term calls at better prices (although I got waaaaay more long term calls than I planned before the correction started).
So, my best guess is that blue wave 5 started today, and red wave 1, of smaller degree, is underway. I expect blue wave 5 to finish in 2 months (beginning of October?) and reach highs anywhere around 3200-3350.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
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