First Spy will drop to 267ish level and then will begin a new upward trend. Explanation: The drop to 267ish level is the restest of last trend. In other words it is also known as retracement. As the retracement has been more than 50 percent of last leg/trend downwards, it means all the low activity is just retest. Happy trading.
Looks like you are on to something here which is been spot on so far. Lets see how it plays moving forward.. If we start an uptrend do you think it goes to a new high?