TableLamp

Possible BEARISH SHARK Pattern in SPY (1-hour)

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
Hey all! There is a possibility of a BEARISH SHARK pattern forming on the hourly chart of SPY .

I marked the Potential Reversal Zone (PRZ) with a reddish rectangle box loosely. The critical levels are the 0.886 XC, 2.0 AB and 2.24 AB levels. The price action is likely to reverse around those levels if the pattern completes. There is a gap around the $330 level. There can be potential gap fill. So, that will be my target area.

Please watch the price action closely and don't ever act before the pattern completes hitting those levels above. Ideally, it should hit all three and reverse after 2.24 AB, but it can hit only one or two, as well. If you want to take more risk, you can enter a short position as soon as price crosses 0.886 level.

Have a great rest of the week!

Comments

I think we are working toward a dip within the next couple of sessions. The rug pull/ mini flash crashes are happening everyday.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out