traderCarl
Short

SPY ascent has been too steep

AMEX:SPY   SPDR S&P 500
350 2 10
I'm expecting a zig zag return to the green support line... overall Bearish for the next two weeks or so.
First target at the .236 Fib level or possibly .382 Fib level, then a slight upward rebound followed by
more descent, most likely to .618 Fib level, again a slight upward rebound and
finally a flush out to the green line.
Nice chart and I can see dipping down to .236 (or maybe even .382), but I would be surprised if it fell any further as that would mean we're heading towards another 5% correction (or more again), and other than us looking at charts, there does not seem to be a major catalyst to cause a correction at the moment. A breather, yes, but a correction, IDK.
Reply
That is what makes sense. But this market seems to do what ever they want it to do.
+1 Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out