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PlanTradePlanMM
Mar 28, 2020 4:53 PM

SPY weekly trend analysis  

SPDR S&P 500 ETF TRUSTArca

Description

I saw an idea from DRCRYPTOSTOCK. See the linked idea below.
His idea is one of the good prediction. Here, I added little more explanations based on his idea.

TLB: Trend line break. See TLB1, TLB2, TLB3, TLB4
Once uptend line is broken, the support line became resistance.
Re-testing these broken trend lines provide short opportunities.

To Verify the end of down trend: close price above the trend line.

TLB3 pushed the price down in one week. But it didn't push the price down too far.

TLB4 pushed the price down in past 2 weeks. It worked perfectly already.

In Next 2 weeks,
If close above this trend line. Down trend is done. (V reversal, this is the most strong revesal patten.)
or
If close below this trend line. we are still in down trend.
222 will be the 3rd touch of next uptrend line (TL5). If price could back from here, it will be double bottm.
If TLB5, Next target is 200.

Trade closed: target reached

This is analysis only. It is accurate.
Comments
imafish4uok
I seen that also dahhhve. Dont forget most of that fuel if not all was 5 trillion stimulus. Momentum has to be ran out who would be investing as martial law is about to declared in the usa and states are about to close borders.
dahhhhve
I'm seeing a bullish reversal on weekly chart RSI + Stochastic on a 14 day.
zulphyal
This is actually great TA
PlanTradePlanMM
Link to DRCRYPTOSTOCK's original work. (This link was not save with the idea.)
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