SPY ROLLERCOASTER Fibonacci Elliot Wave
Fundamental Analysis: US - CHINA trade war stirring back up. Donald Trump recognizes that China's economy depends on America and further disputes may arise. An issue definitely not taken seriously by the market.
This will cause a push for American companies to bring the jobs from China back home. 20% of Americans are looking for a job, let's be real we outsourced way too quickly. Next, thing you know Walmart will be having to charge higher prices because there will be more American goods.
Technical Analysis: We double topped and failed to continue the uptrend. We may make a test this week of the 288 level which, is a 0.61-retracement of the height of A, a typical retracement of B-wave. Then we take the C wave down to the 1. 0.5-0.61 retracement range (270-275) obtained from the height of A to the expected height of B at 287. At this area we could possibly break resistance and make a break lower to the 2. 1-1.61 range.
This will cause a push for American companies to bring the jobs from China back home. 20% of Americans are looking for a job, let's be real we outsourced way too quickly. Next, thing you know Walmart will be having to charge higher prices because there will be more American goods.
Technical Analysis: We double topped and failed to continue the uptrend. We may make a test this week of the 288 level which, is a 0.61-retracement of the height of A, a typical retracement of B-wave. Then we take the C wave down to the 1. 0.5-0.61 retracement range (270-275) obtained from the height of A to the expected height of B at 287. At this area we could possibly break resistance and make a break lower to the 2. 1-1.61 range.