abigreen

abigreen Pro

SPY looks similar to March 15 rally (green circles), if that's the case, it could test again 370 area before the take off. The pivot point would be in the 395 area, if it can breach it and stay above, I expect rally in 416 area, retracment to 390, which would create C&H and then squeezy to 438 area. From then, hard fall to sub 360. Levels to watch (each one...

abigreen Pro

I think SPY may be trading in the pennant today, brake on either side would give direction for the next week. We are in bearish mode, so its more safe betting on that side.

abigreen Pro

Seams it's making mid channel reverse H&S, possibly testing the upper channel is still in the cards.

abigreen Pro

The large gap up in morning didnt brake out from the wedge, but it reached its upper resistance. I think Ill scalp short in the morning and then will watch, if bulls defend the support, which is around 378, i'll scalp long to 383 and then look for short position. It could fall to 370 Is 400 still possible on this run? I would be surprised, but it is, I see more...

abigreen Pro

I think its time to go bullish again. Why bullish? -Falling wedge -Long term support -Oversold

abigreen Pro

I took profits today, SPY is looking bearish to me and I am going to watch it tomorrow. We may gap up to 380 and then fall hard. If we gap down, then EOD may reverse. I wouldn't yet go long, especially over the weekend. Bearish (high probability) We have almost reached 380, which is higher low on 1h on my chart We have bearish divergence on 1h We have raising...

abigreen Pro

My last prediction worked out well. Good trade. We didn't re test 370, we got down to 375 in premarket. For that reason I dont think market will reach higher high at this time. So what's painting here is bearish setup. We reached higher low, if we can brake it (286) we may run to 296 Why bearish? Bearish divergence on 1 hour Raising wedge good luck !!!

abigreen Pro

Simple comparison to the 2008 crash, which took almost 6 years as opposed to 2 years since the covid dip. Time frames are different, but VIX behavior is worth compering. If that was the case, I would expect a sharp drop before spike over 35, which could take as fast to 50 and beyond.

abigreen Pro

Looks like bounce in progress Why: bullish divergence, oversold, inverse H&S tomorrow we could move to 283, fall back to create double bottom at 269 and then strong rally tp 292 Good luck

abigreen Pro

Looks like we are going to bounce in the next 2 days. Strong bullish divergence on 1h and 4h, oversold on all time frames, potential formation of inverse H&S Bullish: 1. we bounce to 380, back test 370 and rally to -$400 Bearish: we bounce to 374, hit resistance (previous support) and fall further to 354 or even 340. 340 would be excellent entry for relief...

abigreen Pro

This is not trading plan, but just a reason to have some other views and start a discussion. In my humble opinion, market needs a reset, and opportunity for one is better then ever.

abigreen Pro

SPY has broke support in this downtrend and now it will serve as a resistance, which is currently at 373. BULL: So today we may see green at the first half of a day, if it can get back in the channel, then after testing it as a support, we may see a rally up to 400 level. (inverse H&S) So I would place long position in back test area, which is around 368 I would...

abigreen Pro

We'll find out today ! Its sitting on the downtrend support, double bottom, if it stays there and tests the floor, it could be the bottom. If we fall below then things will get ugly quickly

abigreen Pro

I expected a bounce from 390, I was wrong. There is a clear downtrend channel now. We are oversold on 1h-4h and I expect a bounce, small to 387-90 level perhaps, then down to 372 and perhaps bigger bounce to 400, that would be excellent entry with short position. I am scouting for that entry.

abigreen Pro

is 390 the bottom for a bounce? I hope so, if thats the case , fib .38 is around 398, then most likely fall back to 386

abigreen Pro

I made that one two days ago, while I was looking at consolidation alternatives. I always try to have plan b and c in my trades, so that was on the table. Short bull run is still on the table, is it highly probable ? NO, but something I get my eyes used to in case it does happen.

abigreen Pro

It will squeeze very fast to 429 416 is hard to brake as its where 50ema seats on a daily 429 is where 200 ema is and I doubt it can brake it.

abigreen Pro

On daily we see clear Elliot formation with last leg up about to form. We may see this happen this week, unless market in general flashes down. Target 34 Good luck