AlphaCondor
Short

Rest of the week

BATS:SPY   SPDR S&P 500 ETF
160 3 1
How I see things playing out with options pinned at 155.5
By the way. Feel free to correct or reject my comments if I'm wrong. As I'm still learning.
And please keep on posting. As your charts are good study material for me :)
Reply
Thank you! I'm glad to help. Oscillators like stochs, MACD I like to use for perspective but I never see them as a deciding factor, they can be very treacherous. Someone who retired after trading for 20+ years once told me not to put too much weight on any indicator, he said "at the end of the day all that works are price levels and whether or not they hold". If this "right shoulder" goes any higher I'm afraid it could really be a Wave 1 of a whole new impulse higher. Still holding puts but I'm very vigilant here... might all hang on GDP news this Friday.
Reply
1) Previousely, left shoulder and head has been formed. Now the patern seem topping. Forming the top of the right shoulder.
2) Stoch seem to be OB and started to turn down. Fast and slow crossed already.
3) I used Andrews Fork on another chart, and it seems to bounce off the middle line with a doji. Now, it's even a shooting star.
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