I don't know much but been messing around with Fib levels recently. Thinking we may be in a correctional wave 4 (of 5) with wave 1 starting from the COVID Mar 2020 low. So anticipating lower on SPY and hopefully a bounce and resume higher around 368, based on Fib levels from Oct 2020 low to recent highs in Feb 2021.
Great analysis! Whats the indicator you use that says "Long" on the chart? Never seen that before...
steviechu
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@waszkien1, hi! Find it here: tradingview.com/v/XlpsCRaf/ -- there are a few different settings I use but basically I try and recreate a 9 EMA and a 21 EMA. I have 5/12/0, 34/50/0, and 72/89/0 settings but don't quite know how or if they map to the 9 and 21 EMA exactly :D You should follow this guy @ripster47 on Twitter -- he's good to learn from. I think his main motivation behind using these indicators is that MAs are "lines" whereas it may be better to think in terms of "areas" to allow for more flexibility.
Mynameismethos
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@steviechu, For the indicator you linked, how exactly do you use it? The dude tells you how but the line crosses come after a market drop or rise?
Mynameismethos
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@steviechu Wow! Didn’t expect a response like this. Thanks!