LONG SPY PT 306 SL 260
Updated
AFTER THE BIG IMPULSIVE DOWNWARD MOVE WE SAW A BOUNCE TO THE 38.2 RETRACEMENT LEVEL (ON DOWNWARD MOVE).
THE BULL REGROUPED AND ARE NOW ON THE WAY TO TEST 293 OR THE 61.8 RETRACEMENT LEVEL (ON DOWNWARD MOVE).
CONSIDERING THIS TO HAVE BOTTOMED AT 218, A NEW UPTREND IS APPARENT BUT PAUSED AND FOUND SUPPORT AT 23.6 RETRACEMENT LEVEL (ON NEW UPTREND).
PRICE TARGET OF 306 WAS ESTABLISHED USING FIB EXTENSIONS OF NEW UPTREND.
A STOP LOSS 260 IS PREFERRED TO 270 TO ALLOW FOR SOME WIGGLE ROOM DUE TO HIGHER VOLATILITY.
THE BULL REGROUPED AND ARE NOW ON THE WAY TO TEST 293 OR THE 61.8 RETRACEMENT LEVEL (ON DOWNWARD MOVE).
CONSIDERING THIS TO HAVE BOTTOMED AT 218, A NEW UPTREND IS APPARENT BUT PAUSED AND FOUND SUPPORT AT 23.6 RETRACEMENT LEVEL (ON NEW UPTREND).
PRICE TARGET OF 306 WAS ESTABLISHED USING FIB EXTENSIONS OF NEW UPTREND.
A STOP LOSS 260 IS PREFERRED TO 270 TO ALLOW FOR SOME WIGGLE ROOM DUE TO HIGHER VOLATILITY.
Note
Target reached!
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