SPY is now at its support on the Weekly Chart. This support, around the $420 level, is the last major support before we would reach the next target (Pink Box).The Pink Box is the Median Line of the Downwards facing Orange Pitchfork. Alan Andrew's states that 'price has an 80% chance of reaching the latest median line'. In order to achieve that 80% rule, and to create a double bottom, that point would be around the beginning of 2024 and the $350 price point.
IF this scenario were to play out (Bonds are crashing as I type this up), then we would see about a ~15-20% Selloff.. And that is just to the median line. There is also a 35% chance that we go FURTHER beyond that median line (if achieved).
Buckle up.
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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.