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GoonsTrading
Nov 3, 2020 6:46 PM

Updated SPY Inverse Cup and Handle Short

SPDR S&P 500 ETF TRUSTArca

Description

Handle may see a retest of $338 supply zone, but I'm looking downwards post election. If this does not break my lower trendline, I will build my bull case tomorrow after election.

Original Cup and Handle targets hit nicely

Trade closed: stop reached

broke out so hard on today's rally that there's no reason to track this anymore
Comments
ppkumar2020
so the next direction projected is downward to 320?
GoonsTrading
@ppkumar2020, if this pattern was still in play, yes. SPY has retraced almost the entire cup, meaning this pattern can now be considered invalid.
TheKitchenTrader
$338 top here? Nice chart.
ppkumar2020
i never heard of the Inverse cup and handle
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