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Inquiring_H
Oct 6, 2022 12:19 PM

SPY downtrend to Continue Short

SPDR S&P 500 ETF TRUSTArca

Description

As portray on previous post, Lower high 2 was formed at the expected area (failed to move above MA200)



General sign of continuing bearish trend:
-Lower Low 2 fail to retrace 0.75 fibonacci retracement of Line B
-Moving under MA200
-Candlesticks under ichimoku cloud

Currently forming - Line C , which is supposed to form Lower Low 3 (LL3), is expected reach area around 33X, 1:1 expectation of downtrend Line B.

taking a look closer within line C being formed,


1. Line b is steeper and larger in magnitude compare to line a
2. the first retracement(blue): 0.5fib of line a
the current retracement of line b is at 0.318fib of line b (weaker retracement)
expect downtrend to continue, expectation of 1:1 of line b to be met after the current retracement is done


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