SPY Rejection Zone Before Hammer Time, New Lows
Bullish price action with 7.7% inflation report, the thing is it's not close to 2%. We have much more to go.
Using key levels, 372, 385, 404, 412.5, drawing a range where there may be rejection.
From the downward resistance line, lot of confluence at 411. Drawing line from the tops of the past year.
From this level would be targeting 300-330 range. Aiming for bottom around late janurary- mid feburary.
Expecting to see this high around Nov21st-December 7rd.
Idea is to have funds allocated for short, scaling in 20% of position around 398, 30% around 404, and 50% around 408-411
See linked Idea for more info
Using key levels, 372, 385, 404, 412.5, drawing a range where there may be rejection.
From the downward resistance line, lot of confluence at 411. Drawing line from the tops of the past year.
From this level would be targeting 300-330 range. Aiming for bottom around late janurary- mid feburary.
Expecting to see this high around Nov21st-December 7rd.
Idea is to have funds allocated for short, scaling in 20% of position around 398, 30% around 404, and 50% around 408-411
See linked Idea for more info
