SLOPolarBear

SPY - Bullish Falling Wedge

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
Not seeing any divergence of concern. The only negative input at this time is from those saying 'it's too high'. Well, it's going higher. Anticipating a breakout in the next 2-4 trading hours. That long shadow breaking below the wedge to the $376 range is the only discounts the market is willing to give up at this time. Tight stops, especially if we see a long upper wick breakout on the hourly.
Comment: Looking to enter on the retracement. Given that long wick, I think the market will demand one more touch of the bottom of this wedge before we bust out.
Comment: Market is coming in hot towards bottom of wedge. Looking for bounce and going long ~$377.76.
Comment: On lower time frames there's a clear descending channel that price action has been toying in. The above bullish wedge is the dominant chart, but price action could easily play to the low of this channel. If we don't get a proper bounce off the 377.76, look for a drop to around 376.85.
Comment:
Comment: Holding fast to my projections above. BUY orders setup for overnight extended trading. All the best deals are sold on low volume in the middle of the night to traders living in foreign markets. I like my sleep. Cheers all!

Comments

awesome!
+1 Reply
Nice and simple!
+1 Reply
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