$SPY Monitor Weekly Head & Shoulders
After the recent market decline it looks like a Neckline has formed on the 182.00 Level that has formed symmetrically so far.
The Grey Rectangle is an estimate of where a Right Shoulder's High would form if the pattern were to complete.
If the Right Shoulder proceeds to form a top in the 199.00 - 202.00 Level I will look to go Short.
The Target being the 150.00 Level which is the distance from the Head (H) to the Neckline projected below the Neckline.
However I am skeptical about the Volume where the Bottoms at the Neckline have more Volume than the Left Shoulder (S) High and Head (H) High. On top of this the unpredictable nature of an Interest Rate Hike.
Watching over the coming Weeks.
The Grey Rectangle is an estimate of where a Right Shoulder's High would form if the pattern were to complete.
If the Right Shoulder proceeds to form a top in the 199.00 - 202.00 Level I will look to go Short.
The Target being the 150.00 Level which is the distance from the Head (H) to the Neckline projected below the Neckline.
However I am skeptical about the Volume where the Bottoms at the Neckline have more Volume than the Left Shoulder (S) High and Head (H) High. On top of this the unpredictable nature of an Interest Rate Hike.
Watching over the coming Weeks.
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