EducationalTraderBarry

Fibonacci Retracement look at Spy from current lows to highs

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
I had a strong thesis here regarding the ~264.3 key fib level which coincided very closely with the March 31st (tuesday) move. On this day I loaded a heavy positions into SPY puts at around $263 due to this. Although SPY's secondary downtrend lines were easily broken, SPY's primary downtrend line (most extended) coincided perfectly with the 61.8 fib level I marked this in the red circle. This trade panned out well with 70% gains today (april 1st).
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.