Real nice cup and handle here on SPY. This plays into my prior analysis nicely as far as potential extension levels from here. We would want to see this zone held as support for confidence. A confirmation low would be ideal, with the typical signs of momentum shifting such as divergence, and proper candle stick patterns to suggest a reversal of the trend.
There is a lot on the line here, because weakness at support could start to give further confidence to an extension lower. With our current bear market retraced 786, you would anticipate the 1.272 extension lower to complete a larger ABC.
Ive attached a couple charts ive previously referenced this. My bias is still a higher high until invalidated.
There is a lot on the line here, because weakness at support could start to give further confidence to an extension lower. With our current bear market retraced 786, you would anticipate the 1.272 extension lower to complete a larger ABC.
Ive attached a couple charts ive previously referenced this. My bias is still a higher high until invalidated.
