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Yogigolf
Aug 30, 2022 3:29 AM

Spy at A likely area to bounce  Long

SPDR S&P 500 ETF TRUSTArca

Description

I believe the larger bottom is in although it could still be a slow recovery. Right now it appears we are at a reasonable support level at the trend line and 50dma. There also looks like what could be a inverse head and shoulders forming. While I’m not a huge fan of relying on these patterns a measured move could lead to 500-520 if it confirms.
Comments
carefulRhino97368
Don’t think the larger bottom is in. Look at those huge sell offs, institutional. + higher rates.. we’re looking at 280-330 for a bottom
Racegirl
It looks like we are currently in a head and shoulders on a smaller scale to the downside.
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