$SPY Update
Same as yesterday. We are following exactly what was shown
We tagged our 5 and we appear to be in the rally for wave a. It appears that we will flush for B, rally for a C to the "caution zone" (red circle). Remember that area has 2 Downtrend lines bulls have to break and ATH AVWAP. Not good for bulls.
Bulls: You need to make that "b" into a wave 2 and have a strong wave 3 to break through downtrend to take back control. Not sure it can be done but we will see. This market has done crazier things
Bears: you remain in control. Short the rip into the caution zone. Actually, if you want to be an aggro bear then go ahead and buy puts today and double down in the caution area.
Bottom call: I see bottom as 418-423 area. That is the area of intermediate wave (2) pivot AVWAP, a resistance (now support) trendline dating back to 2015, on the 23.6 % retracement (common wave 4 area) and it is near the 100 extension of wave C from my expected B. Enough confluence for me to think that is where we are going.
Trading this: Long term calls on the flushes, and shorting the rips. Aggro traders scalp where you see fit
We tagged our 5 and we appear to be in the rally for wave a. It appears that we will flush for B, rally for a C to the "caution zone" (red circle). Remember that area has 2 Downtrend lines bulls have to break and ATH AVWAP. Not good for bulls.
Bulls: You need to make that "b" into a wave 2 and have a strong wave 3 to break through downtrend to take back control. Not sure it can be done but we will see. This market has done crazier things
Bears: you remain in control. Short the rip into the caution zone. Actually, if you want to be an aggro bear then go ahead and buy puts today and double down in the caution area.
Bottom call: I see bottom as 418-423 area. That is the area of intermediate wave (2) pivot AVWAP, a resistance (now support) trendline dating back to 2015, on the 23.6 % retracement (common wave 4 area) and it is near the 100 extension of wave C from my expected B. Enough confluence for me to think that is where we are going.
Trading this: Long term calls on the flushes, and shorting the rips. Aggro traders scalp where you see fit
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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.