We are still LONG TERM Bearish on SPY, crypto and basically most equities.. including popular mining stocks.
The way we see SPY is that first we have formed a classic Head & Shoulder pattern with a Faux breakout to the downside before the rally then the drop of the new low
Looking at structure a couple ways we need to sell down much more to complete the H&S pattern and also the A,B,C pattern on the right shoulder which both would take us to the targets outlined.
We have volume confluence as participation dried up towards the head and increased slightly on the right shoulder.
Looking at Fibonnacci we have room to grow up to the 430 range but ultimately even if we are bullish we still need to test 375/380 one more time. However we are not bullish and I think we are going to go lower by the end of the year towards 335/350.
The Rally will be short lived.
Ideal entries around 430 but if we start to build some structure I can look at some in the 415-417 area.
The way we see SPY is that first we have formed a classic Head & Shoulder pattern with a Faux breakout to the downside before the rally then the drop of the new low
Looking at structure a couple ways we need to sell down much more to complete the H&S pattern and also the A,B,C pattern on the right shoulder which both would take us to the targets outlined.
We have volume confluence as participation dried up towards the head and increased slightly on the right shoulder.
Looking at Fibonnacci we have room to grow up to the 430 range but ultimately even if we are bullish we still need to test 375/380 one more time. However we are not bullish and I think we are going to go lower by the end of the year towards 335/350.
The Rally will be short lived.
Ideal entries around 430 but if we start to build some structure I can look at some in the 415-417 area.
Trade active:
Entered partials at 415 for Swings
Comment:
Running profits. Looking to add next week
Comment:
Looking to close on Market Open
Trade active:
Looking for new short contracts on SPY to take back down to 365
Trade closed: target reached
Comment:
looking for some new SPY opportunities bearish next week. Will post a new idea
Comment:
Perfect sell rejection from the 430 level we spoke about