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
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
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 Contact Support Ideas Published Followers Following Private Messages Chat Sign Out