SPY appears to be barreling towards the completion of a rug-pull event that kicked off back in March of this year. The downside target for this event is $399.88.
Although we ultimately place SPY hitting $399 in the near future as a high probability, we do see yet another rug-pull event that has taken place at the $429 price target on a smaller...
CCI divergence favors some move down in price. 38.2% retracement of upmove Nov 11 - Dec 3-4 is at ~~ 1.201, which may be a good first target. But if price demands also want a small wave 5 up, where small wave 1 began early Nov., and if little w5 up is at least as big as w1, another good target could be ~~~ 1.24 (fib > 224%) or a fib 314% target ~~...
Whats up Guys,
Happy Saturday. The chart is neutral, and I am NOT in a trade.
Relevant information and analysis is contained on the chart, but let me know if you have questions - I will update all if I enter / leave a trade.
Ten Likes and I will update the chart
Intelligent disagreement welcome
Good Luck - See you on the trading floors...
