SPY daily indecision pressure building in wave 4 of wave 3 down Short

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Sep 27, 2022 8:49 PM

SPY daily indecision pressure building in wave 4 of wave 3 downtrend nearing panic capitulation.
Sell Stop 360.23 LMT 360.23 GTC
Buy Limit 342.72 GTC
Buy Stop 371.52 GTC

Trade active

⋅ Sep 28, 2022 9:08 PM

Order SELL SPY ARCA Stop 360.23 LMT 360.23 will be automatically canceled at 20230101 00:00:00 EST

Trade closed manually

⋅ Sep 30, 2022 8:43 PM

Closed for small profit. Looks like end of wave 5 wave 3 downtrend would expect some retracement into wave 4 of downtrend.

Comments

Rockqet

⋅ Sep 29, 2022 5:06 AM

i agree with your bearish bias, on h4, I set take profit at 352.63, where the 78.6% fibonacci projection is. please check out my analysis at:

MishaSuvorov

⋅ Sep 30, 2022 8:45 PM

@desmondlzw, loks legit. My only concern is we completed wave 5 count of wave 3 downtrend and can possibly start retracing into 50% fib with wave 4 next week before going lower. Closed both day and month SPY trades for profit.