Here is a look at the possible Inverted Head and Shoulder formation on SPY (1hr)
One thing to keep in mind, SPY is clearly in a downtrend, and there is no point in trying to time the bottom, the smartest thing to do is play what you see, take profits, reset and do it again.
On this 1 HR chart, there is a possible inverted H&S in the making.
Left shoulder being at 394.75 level (approximate) Head being the low at 385 and now SPY could attempt to put in the right should (394.75)
SPY has a very strong resistance at 404 / 406 level, which would be the neckline . Below that level, We are still in a bear trend. Above, we could have bottomed.
I want to see if we are going to pullback towards 394.75 to form the right shoulder and see where it goes from there.
One thing to keep in mind, SPY is clearly in a downtrend, and there is no point in trying to time the bottom, the smartest thing to do is play what you see, take profits, reset and do it again.
On this 1 HR chart, there is a possible inverted H&S in the making.
Left shoulder being at 394.75 level (approximate) Head being the low at 385 and now SPY could attempt to put in the right should (394.75)
SPY has a very strong resistance at 404 / 406 level, which would be the neckline . Below that level, We are still in a bear trend. Above, we could have bottomed.
I want to see if we are going to pullback towards 394.75 to form the right shoulder and see where it goes from there.
Trade active:
As for now, we could be headed towards 385. Holding a very small short position from the break of the right shoulder