SPX SPY S&P 500 Long Target 3,250 - 3,500
From the 50% retracement of the S&P, we're able to project the target of 3,250 - 3,500 for SPX (325 - 350 for SPY).
Before this happens, I think it's possible, although not likely, that the S&P reverses to 2,640 level before going up and forming an inverted head and shoulders.
Note: I'm not a bull or bear nor did I factor fundamentals into my analysis (nor did I try). Yes I'm aware of the national debt crisis and some economic indicators screaming incoming recession.
Before this happens, I think it's possible, although not likely, that the S&P reverses to 2,640 level before going up and forming an inverted head and shoulders.
Note: I'm not a bull or bear nor did I factor fundamentals into my analysis (nor did I try). Yes I'm aware of the national debt crisis and some economic indicators screaming incoming recession.
Trade closed: target reached:
3250 target hit on Futures. SPY also reached the target if you include the amount subtracted for dividends.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.