SPY fib retracement w Michael Burry SPX prediction
This SPY chart is identical to my SPX chart. But for those of you, who like to play SPY instead, here you go. Fib retracement is placed from the ATH to the covid low in 2020. First target bounce was spot on with the H&S move.
It also looks like the movement is pretty technical, with the market maker taking the moves just past fib lines and 200 ema/sma, to take out long and shorts stops, and trap the longs with numerous fake out. The market maker been waiting for fundamental news to make large move, or reverse price action, when lining up with a technical move. I'm expecting the typical bearish September, followed by another possible dead cat bounce. 0.5 fib level and the .618 are both good areas for support bounces.
I added Michael Burry prediction on SPX, to SPY, which would be at 186.
Considering stagflation looks like it is setting in, I would expect an Wyckoff accumulation phase for some time, before we are out of this technical recession.
It also looks like the movement is pretty technical, with the market maker taking the moves just past fib lines and 200 ema/sma, to take out long and shorts stops, and trap the longs with numerous fake out. The market maker been waiting for fundamental news to make large move, or reverse price action, when lining up with a technical move. I'm expecting the typical bearish September, followed by another possible dead cat bounce. 0.5 fib level and the .618 are both good areas for support bounces.
I added Michael Burry prediction on SPX, to SPY, which would be at 186.
Considering stagflation looks like it is setting in, I would expect an Wyckoff accumulation phase for some time, before we are out of this technical recession.
Comment:
H&S target reached.
Comment:
Target getting close with timing.
Comment:
SPY update
