This is what I'm looking at:
1. Break above 262.07 means we are going to hit 273.10.
2. If we retrace from 262.07, it will be considered as a stable price action.
3. If we drop to 237-239 level and consolidate, we will have more buyers 80% chance , 20% crash.
4. Break below 237-239 level 99.99% .
5. Break above 273.10 tells me that the market is crazy! thus, cash is the best position to have.
6. We might hit 262.06, retrace to 251.02, then go up to 273.44 measured move. This is a stupidly price action that would tell me the market will prob see a new high.
These are among MANY price actions we might see in the near future; however, we trade as we go. Personally, I would like to see the blue price action for spy . This is the time when a novice trader would lose all the money they gained from the previous trade, so TRADE carefully.
WELCOME TO THE WALL ST . CASINO!
Soz fams for the messy chart......