This is the 3x Leveraged ETF for the SPY, and at the moment we have a 3 Line Strike with a PPO Confirmation Arrow at the HOP level of a Bearish Deep Crab with Bearish RSI Divergence.
If this plays out, I think the SPXL will at least make a 0.618 Retrace of the range, but it could go as deep as 100% or even more.
Trade active
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Very Nice Looking Double PPO Confirmation on the Inverse ETF:
It is also now visible on the Bullish ETF but in reverse:
Hello, When I look at the SPY chart (adjusted), I still see a bullish continuation. Could you please provide your insight on this? 1. Weekly RSI has no divergence 2. Hourly RSI has pretty big divergence with RSI make higher lows, and SPY making lower lows. 3. Weekly inverse H&S on SPY from Aug 15, 2022 thru Jan 30, 2023 has a measured target of 501, which still seems in sight. 4. Weekly chart SPY broke resistance at 443.74 and is now back testing. 5. On the daily chart SPY is converging with the 50 MA and the bottom of the bollinger band.
RizeSenpai
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@simermeet, On both the adjusted and non adjusted SPY, I can identify both Hidden Bearish Divergence and Bearish Divergence on the RSI, I can also Identify Bearish RSI BAMM and an Impulsive move down in the RSI as a result of completing said BAMM. I can also see Bearish Divergence on the MACD, and the PPO (An Indicator I made) Will soon be crossing down from the upperbounds thus giving us bearish confirmation as the price action reverses from the 1.272 PCZ of a Bearish Butterfly:
@simermeet, You're welcome hopefully it plays out. In addition to the SPY I would be on the lookout for the IWM and Financial Sectors as those look just about ready to crack soon.
1. Weekly RSI has no divergence
2. Hourly RSI has pretty big divergence with RSI make higher lows, and SPY making lower lows.
3. Weekly inverse H&S on SPY from Aug 15, 2022 thru Jan 30, 2023 has a measured target of 501, which still seems in sight.
4. Weekly chart SPY broke resistance at 443.74 and is now back testing.
5. On the daily chart SPY is converging with the 50 MA and the bottom of the bollinger band.