Madrid
Short

Get ready for a bumpy ride

AMEX:SPY   SPDR S&P 500
$SPY has already reached a pivot point , both at the weekly trend and the major trend. Last week a Lower High / Lower Low started a downtrend. The lower channel of the current trend is found at 177 which is likely to be reached by mid May. The so announced 10% correction will be reached when the price reaches 169 and the trend touches the lower channel. Is this the start of the Bear Market or just a correction? it depends on the Fibonacci Support level at 177. A rebound is expected once this level is reached by the month of September. If this level is pierced then we can expect a black October this year.
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