I think it's possible we see a bounce Monday at cash open, but doesn't have to. We have a double bottom
at S3 on 1hr and filled the 206 gap. In conjunction with an accumulation pattern I see on UVXY
, which has lower downside objective to meet, would support a SPY
bounce Monday am.
I very much want to see a positive open to re-enter a UVXY
call position I exited for 80% profit.
Fib levels provide upside targets for the bounce, but I'm thinking the 207.50 area. Either we just tank and never look back or slight bounce, then sell off.