AmbreenShabi

AmbreenShabi Updated 

On daily spy made a reversal pattern candlestick. Its called Morning Doji Star. I know after the big fall today its hard to believe that we will see a gap up in the morning. But this is what candlestick is showing.

AmbreenShabi

On 15 mintues price is moving downwards while Macd is sideways. An ideal situation would be that Macd should be up which will make it positive divergence and price would jump high. But we still have room to go up. see image where I think the price will go next.

AmbreenShabi

If you are a candlestick reader, what do you think is this a perfect hanging man? If yes, then spy is coming down on Monday.

AmbreenShabi

The hourly chart macd is flat and price has been going up. The lower timeframes started to distribute. With some volume, it can come to as low as 440 not more next week. The daily timeframe is pretty bullish.

AmbreenShabi

This is the daily chart of spy where the fibs were retraced more than 50% in the last leg down. So the breakout will be bullish,

AmbreenShabi

The daily chart has doji which is reversal. A doji after a red candle is a trend reversal. So I think we will have a green candle on Monday. Everything else is in the absorption phase.

AmbreenShabi

spy long

AmbreenShabi Updated 

no accumulation but new trend

AmbreenShabi Updated 

long

AmbreenShabi Updated 

short

AmbreenShabi Updated 

spy

AmbreenShabi Updated 

Their is a lot of room and support and resistance areas in this area. Before moving towards any other direction, spy will test retest these areas. I usually call such movement as "build up of momentum for next big move.

AmbreenShabi Updated 

spy

AmbreenShabi

Its no wonder traders dont like to trade when a stock is moving sideways. But if you actually are a chart reader, you would love that. It gives a clear picture of what is coming ahead. Like in this case Spy has been in accumulation phase. And with three black crows in place on daily, it is appearant that it is about to fly tomorrow. Happy trading.

AmbreenShabi

First Spy will drop to 267ish level and then will begin a new upward trend. Explanation: The drop to 267ish level is the restest of last trend. In other words it is also known as retracement. As the retracement has been more than 50 percent of last leg/trend downwards, it means all the low activity is just retest. Happy trading.

AmbreenShabi

short it more

AmbreenShabi

spy long new target

AmbreenShabi

short