Join the SPY Channeling Train: Wave 2 Reset Button
Price Pattern Analysis:
The SPY seems to be channeling diagonally upwards, showing us its resilience and that it is not finished its upward thrust:
Wave 1 and Wave-y
What's more, prices are around the 208.45 to 209.46 support area, and it looks like it is being supported there.
This is the same area of support of the Wave1 50% Fib and the W-x 61.8% and 71.8% fib.
50% Fib and Hidden Bullish Divergence:
Not only has the SPY yet to surpassed the W1 50% fib, but it is also at the same area of previous horizontal support. If we look down at the MACD and Stochastics, we see that both are showing us a hidden bullish divergence.
VPA Anomaly:
On top of this, we see a VPA anomaly, in that it shows us that supply is being consumed and buyers are coming in.
Conclusion:
All of this evidence suggests that the SPY will continue forward to march right on toward my previous target of 214.6.
TARGETS:
My previous 214.6 target has been moved up to 215.24. This will be Wave 3. An alternative Wave 3 target for the SPY is 220.46 by August or by the end of the year.
Further Notes and Comments:
All of this could be wrong. Life only gives of clues and probability so that we can put the odds in our favor to be successful at trading. It may be hard being a bull when may seem to be a bear, but we are still in an uptrend, and I am guided by the laws and guidelines of my strategy and experience in understanding the markets.
The SPY seems to be channeling diagonally upwards, showing us its resilience and that it is not finished its upward thrust:
Wave 1 and Wave-y
What's more, prices are around the 208.45 to 209.46 support area, and it looks like it is being supported there.
This is the same area of support of the Wave1 50% Fib and the W-x 61.8% and 71.8% fib.
50% Fib and Hidden Bullish Divergence:
Not only has the SPY yet to surpassed the W1 50% fib, but it is also at the same area of previous horizontal support. If we look down at the MACD and Stochastics, we see that both are showing us a hidden bullish divergence.
VPA Anomaly:
On top of this, we see a VPA anomaly, in that it shows us that supply is being consumed and buyers are coming in.
Conclusion:
All of this evidence suggests that the SPY will continue forward to march right on toward my previous target of 214.6.
TARGETS:
My previous 214.6 target has been moved up to 215.24. This will be Wave 3. An alternative Wave 3 target for the SPY is 220.46 by August or by the end of the year.
Further Notes and Comments:
All of this could be wrong. Life only gives of clues and probability so that we can put the odds in our favor to be successful at trading. It may be hard being a bull when may seem to be a bear, but we are still in an uptrend, and I am guided by the laws and guidelines of my strategy and experience in understanding the markets.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
