$spy - for the bears out there
Although I currently am in the bull camp (gapped 50 dma and POC, feels like bear fumble), if earnings are poor or something else happens causing another leg down then this is the most likely path we will follow. Bears have us in a nested WXY structure looking for the primary wave X top. This could be found anywhere between where we closed Friday and ATH.
Notice the RSI bearish divergence and the macd bear cross. Friday could have marked the "top", OR we may see a slight pullback, followed by a rally, leading to a rejecting further into the red bubble area. From there the bears have us seeing another WXY correction taking SPY to the 422-405 range.
Note: as said in the other post, I am not favoring this set up right now, but I am going to trade knowing it is very possible and earnings could easily throw us into this downtrend. Especially with the supply chain issues. THEY ARE VERY REAL AND A HUGE PROBLEM.
Another thing for anyone who doesn't know a ton about EWT, there will always be bull and bear counts, it is your job to use other indicators / strategies to figure out what you favor and always enter a trade knowing where your stop levels and targets are. If you enter without a plan then you will lose.
Notice the RSI bearish divergence and the macd bear cross. Friday could have marked the "top", OR we may see a slight pullback, followed by a rally, leading to a rejecting further into the red bubble area. From there the bears have us seeing another WXY correction taking SPY to the 422-405 range.
Note: as said in the other post, I am not favoring this set up right now, but I am going to trade knowing it is very possible and earnings could easily throw us into this downtrend. Especially with the supply chain issues. THEY ARE VERY REAL AND A HUGE PROBLEM.
Another thing for anyone who doesn't know a ton about EWT, there will always be bull and bear counts, it is your job to use other indicators / strategies to figure out what you favor and always enter a trade knowing where your stop levels and targets are. If you enter without a plan then you will lose.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.