SPY- How many measured moves can you find?
Trade idea cover short term exp shorts fairly soon.
A little fun with taking measured moves from various 'h' patterns and Bear Flags. I see 3 different measured moves and they have very strong confluence with the 271.50 area.
We also have some Support Lines coming into the same area. One of which is quite important (purple) as it is part of my large flag consolidation pattern. And the other is a fairly strong horizontal support.
Also, most all of the larger timeframe stochastics have come down into the oversold areas.
This does not mean that we have to hit that target of 271.50 before a bounce up... It could just as easily turn from right here, and get a rally up. My plan only includes closing some shorter term short contracts at the 270.50 area or before.
A little fun with taking measured moves from various 'h' patterns and Bear Flags. I see 3 different measured moves and they have very strong confluence with the 271.50 area.
We also have some Support Lines coming into the same area. One of which is quite important (purple) as it is part of my large flag consolidation pattern. And the other is a fairly strong horizontal support.
Also, most all of the larger timeframe stochastics have come down into the oversold areas.
This does not mean that we have to hit that target of 271.50 before a bounce up... It could just as easily turn from right here, and get a rally up. My plan only includes closing some shorter term short contracts at the 270.50 area or before.
Comment:
277 and 278.5 and 280 are levels of interest for potential resistance for reversal. If you haven't gotten out of your 401ks etc yet, then any bounce up here in the next few days will likely be your last chance.
