Using fib, we can see there is possible recovery at the .618 zone. Just a lovely coincidence of course.
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Further, If pulling fib retracement from 2008 BOTTOM to current ATH, the 0.5 retracement hovers just above the Bars pattern bottom.
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If it's not obvious, the purple is the 2008 crash of the SPY.
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Actual price is ahead of the '08 overlay, however matches near perfectly. Looking for short term bottom at $388-$390 before rejecting off resistance at $410-$414.
I'll be looking for Puts on this fake-out recovery.
I'll be looking for Puts on this fake-out recovery.
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Look there! Hit the low target announced May 9th (stooped to $385). Now accounting for a fake-out recovery and FOMO, $SPY may exceed the $414 target and extend to $418.
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Happy Friday, reader. You've made your way back to my post from April 28th. How are we feeling? Stressed? Zen? Elated because you're making absolute BAGS in both directions? Where ever you're at, hope it gets better!
As anticipated we had a mini-fakeout recovery touching $408.57 on May 17th, did you get burned? Full disclosure, I have ATM and OTM PUTS and am still expecting a further downturn. I'm not sure how TV ideas work, but looks like this post has been seen by everyone it's going to.
Have a great Friday and take care of yourself.
As anticipated we had a mini-fakeout recovery touching $408.57 on May 17th, did you get burned? Full disclosure, I have ATM and OTM PUTS and am still expecting a further downturn. I'm not sure how TV ideas work, but looks like this post has been seen by everyone it's going to.
Have a great Friday and take care of yourself.
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Market in free-fall! Take care.
If you are trading volatility, set stops and obey your risk tolerance rules.
If you are trading volatility, set stops and obey your risk tolerance rules.
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FED Rate hike discussions end Thursday June 16th. Expecting extreme volatility.
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.75pt rate hike confirmed. June 15, 2022