StealthTrader

Fractal Observation Sharing My Thoughts

AMEX:SPY   SPDR S&P 500 ETF
788 6 13
I'm not here to call tops this is just an observation of a potential fractal play. Here i'm highlighting some key similarities between the move we have experienced the last few weeks and the one we experienced in May. Notice there are many similarities in how these setups began so it is not out of reason to suspect there could be similarities in the way they end.

1.) The upward move that started on 4/18 traveled 10.11% before sellers stepped in and began the distribution process notice that this current move has ran 10.14 % already.

2.) When the market made new 52wk highs back on 5/3 it traveled 5.81% until it topped out. I have referenced this same percentage breakout run to the one we are experiencing now which does allow for some additional upside from here but i'm still cautious .

3.) A ton of people are looking for upside continuation for the Santa rally so this may make my observation invalid however after large moves to the upside investors may be looking realize some gains and start taking profit for the year so monitoring price action at these levels may help spot a trend shift.

Trade Wise - Stealth
did you forget about the rally from 24.06 to 02.08 which is also aproximately 10%, or am i missunderstanding?
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StealthTrader vlad.adrian
3 years ago
I see what you mean, no I did not forget about this rally I just felt that the price action that we are experiencing now is more similar to the April - May Rally where price was making new 52wk highs like we are now. Hope this helps
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vlad.adrian PRO StealthTrader
3 years ago
by different price actioh do you mean that in the two rallies u outlined in the chart we had stronger bullish candles rather than dojis, candles, hammers like in the 24.06 02.08 rally??
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nmike MOD
2 years ago
...nice
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Are we still active?
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greenplay
2 years ago
Are you still active? I was browsing your charts, must say very nice. Please post some updated charts and share your ideas.
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