I saw Head and Shoulders pattern on SPY hourly chart ... I have made these notes on the chart on 19th Feb . However I didnt get chance to publish the idea nor I took the SHORT trade.
Please note , this pattern already completed , dont enter any short trade now ... I Just wanted to share , to show how the pattern works
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after breakthrough support line , see exactly it dropped 7 dollars , which is the height of neck ... so thats measured move
Yes may be it will go down further ... notice lower high/pivot(on 24th Feb) next to right shoulder .... it may bounce at EMA200 support at 377.51 ish ...
chickenboye
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@mohanee, we will see, market seems incredibly on-edge right now... spy barely holding break-even today, AND on the month, during declining volume? anxiously watching the market as a whole this next month!
part of me thinks we will see 350 spy before 400.