A possible future for SPY. This one is kind of dark, PG14 stuff. Don't show your kids or your wife's boyfriend.
Might see one final retest of the yellow channel bottom ~464, might not
Support @456 - 50D EMA
Support @450 - Previous rally highpoint
Support @448 - Bottom of red channel
I'll be watching 450 very closely for my next play.
In this scenario, we don't hold the bottom red channel and find our way down to the 200EMA and the bottom of the previous dip, which are concveniently ont he same place on the chart.
We get a good bounce off the 200EMA, form a head and shoulders, and this marks the end of the current golden age.
This possible future covers a lot of time. There will be plenty of Fed meetings, virus news, and everything else between now and then.
Also, this scenario takes us in to Feb next year. I'm chronic at underestimating how long things like this take. This could play through in to May next year.
Might see one final retest of the yellow channel bottom ~464, might not
Support @456 - 50D EMA
Support @450 - Previous rally highpoint
Support @448 - Bottom of red channel
I'll be watching 450 very closely for my next play.
In this scenario, we don't hold the bottom red channel and find our way down to the 200EMA and the bottom of the previous dip, which are concveniently ont he same place on the chart.
We get a good bounce off the 200EMA, form a head and shoulders, and this marks the end of the current golden age.
This possible future covers a lot of time. There will be plenty of Fed meetings, virus news, and everything else between now and then.
Also, this scenario takes us in to Feb next year. I'm chronic at underestimating how long things like this take. This could play through in to May next year.