Recap: SPY is currently in a corrective wave using price action on the higher timeframe. Corrective waves are completed after 3 legs (A, B, and C) … Each wave has 5, 3, and 5 legs per wave respectively. A (5 legs), B (3 legs), and C (3 legs). There are other specifics but I will not go into detail. For now we are operating within wave A, soon to be wave B which...
The bloodbath has started 🧛🩸 The bears are in full control and the buy the dippers crowd is getting hurt. Are the last remaining bulls waiting for the next rally to sell? Are you buying the dip? Or are you selling the rally?
My Nasdaq 3M view #spy #stockmarkets #StockMarket #stockMarket #trade #trader #technicalanalysis AMEX:SPY NYSE:ES #es1
The gap zone from the Island Pattern earlier this year seems interesting because 510-505 are less thoroughly traded so far this year and will likely be the area we return to when this pullback is done. Bearish price action is all but confirmed, but can we expect an elevator down first thing on Monday?
Last week I just did a longer timeframe update. I am going to continue with the larger timeframe as the focus but will also give the shorter timeframe levels for next week. You can see we've just chilled below the 3 month threshold for far too long. It's 504 on the horizon, that's for sure. We will likely snag a bit lower, because I didn't realize there was...
At the end of last week, sellers confirmed weekly consolidation by closing below the previous week's low. From now on, bears have control over the price on the weekly timeframe. We should monitor the progression of weekly lows and highs to see when things start to shift, but until then, we should trust the sellers. It is also notable that if we look at the futures...
If you haven't already purchased SPY after the 2023 forecast: forecast:https://www.tradingview.com/chart/idea/l6U1M9dJ/ then it's important to be aware that there's a significant bearish divergence in the RSI of SPY, the S&P 500 ETF, which initiated at $469. Anticipating a technical retracement to $495, given its prolonged period of being overbought!
New thread April 510-505 I would personally buy calls all the way down to 505 10 days out for a bounce 514 Taking profit 512-514 Then I would get bk into shorts all the way down 505 or lower as low as 495 this upcoming week weekly range keeping us in a corrective phase no higher 516 as low as 495 WILL UPDATE SUNDAY NIGHT
AMEX:SPY Possible Scenario: SHORT Evidence: Price Action, Macro Economy TP1: 497$ It has fallen below the 50-day moving average (MA); the next support is at the 100-day MA at 490, and there is a gap at $497 that will likely be filled on the way down
Actually, it was difficult to get the gasp of using Elliot Wave on this kind of chart because it didn't work like usually do On H4 t.f., three Elliot Wave finished. ABC correction finish. A to B of second ABC is in process. I use fibonnacci from peak 2 to peak 0 and start with the level 0.50% to have a better idea of where the fifth peak will be. It should...
Today looks to be a fight to stay above $500 for $SPY. Starting to see some consolidation in these areas. If AMEX:SPY can avoid a pit fall for the rest of the day, Calls will be on the menu. Nice simple and quick play. RSI already at 30.
I hope you guys enjoyed the video! Feel free to comment down below if you have any questions!
I will be very surprised if we don't see some serious sell-offs throughout the market in the coming days The chart and the volume are... impressive.
AMEX:SPY Trading in this rising wedge since October. The wedge reaches it's apex near 510 level. SPY likely to peak at 510 area for a retrace to 451-456. If that falls then 436 and 420 likely follow.
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AMEX:SPY April 19 2024 Strength is only above 515+- at the moment. Today 497 should break and probably AMEX:SPY will touch 4892no 94 levels being 100 average in the daily. In 15 minutes we have 100 averages at 504 and 200 averages at 50 levels. Both will be resisted at least once. For the day I will go short around 502 levels on a gap up or below 497 on a...
3 scenarios as describe in the picture to reach next support around 494. If breaks 506 then downtrend over for now.
SPY continued up more than I expected but now there are multiple bearish pitchfork signs on the weekly chart.