SPY Corrective (Short Term)
In the next couple of days, SPY will trade in this corrective zone on the daily.
1) Trend line is holding as resistance which coincides with
-the fib level
-the supply zone
2) ABC pattern where price bounced off
Option 1: Wait for prices to form today on the daily to determine the corrective pattern
Option 2: Take a long position but have a tight stop aiming for potential fib level
Biasness - Long term bullish
1) Trend line is holding as resistance which coincides with
-the fib level
-the supply zone
2) ABC pattern where price bounced off
Option 1: Wait for prices to form today on the daily to determine the corrective pattern
Option 2: Take a long position but have a tight stop aiming for potential fib level
Biasness - Long term bullish
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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.