SPY downtrend to Continue
As portray on previous post, Lower high 2 was formed at the expected area (failed to move above MA200)
General sign of continuing bearish trend:
-Lower Low 2 fail to retrace 0.75 fibonacci retracement of Line B
-Moving under MA200
-Candlesticks under ichimoku cloud
Currently forming - Line C , which is supposed to form Lower Low 3 (LL3), is expected reach area around 33X, 1:1 expectation of downtrend Line B.
taking a look closer within line C being formed,
1. Line b is steeper and larger in magnitude compare to line a
2. the first retracement(blue): 0.5fib of line a
the current retracement of line b is at 0.318fib of line b (weaker retracement)
expect downtrend to continue, expectation of 1:1 of line b to be met after the current retracement is done
General sign of continuing bearish trend:
-Lower Low 2 fail to retrace 0.75 fibonacci retracement of Line B
-Moving under MA200
-Candlesticks under ichimoku cloud
Currently forming - Line C , which is supposed to form Lower Low 3 (LL3), is expected reach area around 33X, 1:1 expectation of downtrend Line B.
taking a look closer within line C being formed,
1. Line b is steeper and larger in magnitude compare to line a
2. the first retracement(blue): 0.5fib of line a
the current retracement of line b is at 0.318fib of line b (weaker retracement)
expect downtrend to continue, expectation of 1:1 of line b to be met after the current retracement is done
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