Spy retracement
The SPY has retraced fully based on its Fibonacci levels from its latest move down. I'm waiting to see whether it continues back down after violating the rising wedge trendlines earlier this week. At first glance the rebound seemed convincing, but I would have been more sure if the volume that accompanied the rally was less anemic. I feel a strong move coming but hopefully the direction is clearer going into the weekend so that I may place my bets in a timely manner. Tomorrow may be a battle between the bears and bulls and as always.. Good luck to all.
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