What is next for $SPY , $MU , $TWLO
You can call it that the stock market has been on a tear sort of , since the new years! Christmas eve and the day after the Christmas the $spy did a sharp almost 1000 pts a day reversal since it $233 lows . Such bull runs are typical on a bear market, and what seemed a wave 3 ( still very well ) could be a wave 3 on the way down of a larger AB move. With the way the political climate is with government shutdown in the United States and he Brexit deal not seem like its going to pass. The retrace that happened on the 25th and 27th in December 2018 is a W3 reversal and that reversal should have retraced 50% to 70% as you can see the magenta lines show that the price has retrace a little over 70% of the past down move which looks like wave 3 move down. The RSI has pushed past the crucial 60% level but that can always be a fake out move and start falling anytime now.
Another interpretation :
This this is a raising wedge in traditional sense of technical pattern and this raising wedge pattern when combined with Elliott wave 3-3-5 wave sequence suggests that it has come to an end and the trend move which is down is about to happen. A lot of technical analyst are suggesting that this uptrend would end at $270 , but the Elliott wave suggests that this is the end of the road for this sequence UP and we are going down from here!