itsQure

Is this the level the market is looking for?

AMEX:SPY   SPDR S&P 500 ETF TRUST
Im just having a little fun with a fib circle and trying to predict the next decent sell-off. Obviously no one can call the future for sure and intra-day trading provides the best information, but its always fun trying to get a big picture of the important levels in play.

Short-term I am long till we get closer to the 184 mark. Beyond that I am going to wait till confirmation to buy shorts.


Leave a comment if you wanna add/disagree to this chart.
Comment: **EDIT**
I'm long until the 284 mark
Comment: Today traded sideways for the most-part hitting some of the same levels that I found important yesterday.

Towards the end I saw a wedge forming signaling a break-out. I placed a spread in SPY and that was very lucky because that after-market is acting very crazy.

It spiked way up to the 289 level and has come down a bit from there. This 289 level is a dollar into my indicated sell-off and honestly I think this might be the start of a strong leg down. I will be watching the markets very closely tomorrow.
Trade closed: target reached: Well I am satisfied with the results. Timing was a little off with the circles, however, my targets were perfect. We are currently at a strong-ish support. From here is the great unknown. I will lay this idea to rest now thanks for all the support on it :)

Comments

"Short-term I am long till we get closer to the 184 mark. Beyond that I am going to wait till confirmation to buy shorts."

Did you mean 284 mark?
Reply
itsQure smchan
@smchan, haha yeah I do. Thanks for pointing that out. I've been looking at charts too long.. I need a break 😅
Reply
smchan itsQure
@itsQure, No worries. I figured that's what you meant but wanted to be sure.
Reply
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