Despite the huge drop last week, SPY looks poised for a bounce, barring any Fed shenanigans. While there is considerable downside if the current white channel support doesn't hold, I expect a bounce up to fill the gap from Friday, and potentially up to the white downtrend channel median in the beginning of the upcoming week.
Comments are much appreciated According to my view, we should be in wave C, but still a strong reversal signal is missing at the moment. Lowest point could be between 115 and 122
price is pulling back into nice structure level which would be a good opportunity to get long. Buyers are clearly defending this level as they dont want price to drop into the area where Canada cut interest rates. I.ll be watching for a buy signal at this level eg bullish hammer or engulfling pattern. My long term target is still at 1.30 but i.ll be targeting...
Stuck in an upward consolidation phase on the H1, will confirm long position above resistance as shown.