The
SPY
has retraced to around the 78.6 fib area which is very often a area the market corrects after a large drop. This was also my target from many months ago from calling the bottom. We have been following a nice trend from the pitchfork channel and are at the top trend which should act as resistance. If we correct now with the correction finishing at latest early September this would align perfectly with the bottom trend, 100dma, previous breakout area, gap fill and test the top of the price volume profile. Are the stars going to align?
Additionally with this rally lead entirely by big tech, a correction would create a nice healthy rotation to broaden our the market rally going forward.
SPY
has retraced to around the 78.6 fib area which is very often a area the market corrects after a large drop. This was also my target from many months ago from calling the bottom. We have been following a nice trend from the pitchfork channel and are at the top trend which should act as resistance. If we correct now with the correction finishing at latest early September this would align perfectly with the bottom trend, 100dma, previous breakout area, gap fill and test the top of the price volume profile. Are the stars going to align? Additionally with this rally lead entirely by big tech, a correction would create a nice healthy rotation to broaden our the market rally going forward.