This is a trendline I am watching going into the weekend on SPY The fact we did not test the bottom trendline before retesting the upper, suggest the next leg down will be more aggressive than the previous bear sessions.
Also, based on previous bear sessions, we head down -17.50 after rejection within a 50 day window. If we use the same price action, we can anticipate SPY to be at AROUND $330 by New Years. (Assuming it is not more aggressive. But I believe the next leg down will be)
Good analysis but I believe we never touched the bottom of the channel because we bounced off the 200WMA. Do you think we’re going to come back and break that for new lows?
Pavley
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@parkermorse19, most certainly. The question million dollar question is- how soon