FractalTrader
Long

SPY looking for higher after a retrace to 177 area

BATS:SPY   SPDR S&P 500 ETF
122 0 0
On the hourly chart, SPY             is showing 5 waves off the low. Additionally, the momentum of the rally off the Feb 5 low was very strong. The 4H chart shows the correction having completed 2 ABC zigzag patterns. The first rally was a short-covering rally. It was vicious and unforgiving. I think SPY             continues to trade higher, but some profit taking is needed first. I think it will continue to outperform IWM             , and new all time highs are definitely not out of the question.
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