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.
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That is what makes sense. But this market seems to do what ever they want it to do.
+1 Reply
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