Good day folks,
We may have a channel showing up, however we still have a day or two to see if the market continues to rise or reverse down. This makes this analysis very speculative, but when a channel shows up, the price action usually goes from an extreme to another. If it continues to rise, then it is logic that we reach the resistance line of the channel before reversing, which gives us another few hundred points of upside.
My title: if this channel hold, we may reach Jan high somewhere in July, and we should face a lot of resistance and/or a corrective wave. Let's see, still a long way to go.
My Targets
Wave 3: 255 to 258;
Wave 4: 250 to 245;
Wave 5: 263 to 266.
Cheers,
We may have a channel showing up, however we still have a day or two to see if the market continues to rise or reverse down. This makes this analysis very speculative, but when a channel shows up, the price action usually goes from an extreme to another. If it continues to rise, then it is logic that we reach the resistance line of the channel before reversing, which gives us another few hundred points of upside.
My title: if this channel hold, we may reach Jan high somewhere in July, and we should face a lot of resistance and/or a corrective wave. Let's see, still a long way to go.
My Targets
Wave 3: 255 to 258;
Wave 4: 250 to 245;
Wave 5: 263 to 266.
Cheers,
Note
A good set-up for a quick options day trade here: bounce up or further fall.
Cheers,
Note
I think this is an important information: Please pay attention to the hourly RSI in the SPY as it is reaching the top of its uptrend channel. We may have a drop in the market this afternoon. Have a nice weekend,
Trade closed manually
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.