Dan_B_Cooper

SPY Weekly Targets Revised

AMEX:SPY   SPDR S&P 500 ETF TRUST
Three sscenarios:

1) 12/14 Bottom around Fed Meeting - 367.86. This is .618 retrace from Blue Point C (11/23 high), and is just below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY

2) 12/14 Bottom around FED Meeting - 359.38. This is .78 retrace from Blue Point C (11/23 high), and is below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY

3) 150 percent Retrace from Blue Point C (11/23 high), and is below .382 fib from 3/23/20 low to 1/3/22 high 322.26. Low extends into January 2023. NO SANTA RALLY.

Whether or not SPY can reverse the downtrend channel here yet to be determined. Still a bear until proven otherwise.

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