When the $SPY touched the upper (red) trend line
of the daily Wedge
pattern I've been mentioning in by analyses for weeks now, I said that something finally could change in the market. When I broke below the Blue trend line
, I got my confirmation that that the bulls are running out of power. Despite the rally we have seen in the following weeks (till two weeks ago) I held to my bearish
bias and it paid off!
My target was the green daily uptrend line. $SPY reached it today.
It is the last line of defense for the bulls - Below it, it can get ugly and fast.
If you are looking for buying opportunities in this blown, overpriced market - This is your ultimate dip!
You may have Draghi in your corner tomorrow! who knows.
I'm not going to do it, but here's your setup.