$SPY | Gap Fill Analysis: Bearish Rejection at 0.618 Retracement
$SPY has followed a simple gap fill reversal pattern with multiple bearish rejections occurring directly after price filled the previous gap. This most recent gap fill occurred at a significant level of structure and at the 0.618 retracement of the bearish impulse.
If price continues to follow this pattern, we should expect a further move to the downside.
Initial target of $276 is based on the intersection between the upper bound of the most recent unfilled gap and market structure.
Secondary target of $274.50 is based on the lower bound of the most recent unfilled gap.
Good luck!
If price continues to follow this pattern, we should expect a further move to the downside.
Initial target of $276 is based on the intersection between the upper bound of the most recent unfilled gap and market structure.
Secondary target of $274.50 is based on the lower bound of the most recent unfilled gap.
Good luck!
Comment:
Not active. Price broke upwards.
Order cancelled:
Marking as cancelled for now. Still no sign of bears
Comment:
SPX500 Broke neckline. Possible buy at the retest
Comment:
Low timeframe retest occurred to open longs. I didn’t take it.
Comment:
Not liking the further longs rn. I’d dip out