SPY- Quick Draw
Updated
What is on the chart Is what I am looking at currently.
I guess my Bull Trap post from 8 days or so ago was correct. See attached. I think I was the first one to openly claim that It will be a bull trap. Now of course that is confirmed. The tell was the volume and lack of impulsiveness upon its first 10 min after breaking 282 (2 weeks ago)
20 likes and I'll keep this post up to date minute by minute.
I guess my Bull Trap post from 8 days or so ago was correct. See attached. I think I was the first one to openly claim that It will be a bull trap. Now of course that is confirmed. The tell was the volume and lack of impulsiveness upon its first 10 min after breaking 282 (2 weeks ago)
20 likes and I'll keep this post up to date minute by minute.
Note
"h" pattern
Note
"h" pattern. taken with a horizontal support 277.76 watching for a break of that level. Keep in mind that, now at this point we have a descending wedge which is a short term buillish pattern if broken to the upside. Watch the upper yellow resistance for a break sometime today or tomorrow. Currenlty, testing the 'h' support horizontal, and we are trying to break it currently. Note
My expected moves depending on how the yellow lines break - Note
I will preface: All bullish breakouts, are subject to being bulltraps from this point on, so even if the yellow descending (bullish) pattern breaksup expect there the be a high chance of a throwback.Note
Testing Resistance of Bullish Wedge. Note
We see decreasing volume on the small TF chart as the price is increasing. This is looking like its getting exhausted to the upside. We did get through some of the previous support now resistance lines, but as I mentioned in my last update *(above) be careful of muli-bull traps. I think that price action will probably start to fade soon. Note
I am going to take some liberties ... forgive me Daddysawbucks if doing this is putting you on the spot, but since your a technician as well you are used to this. He mentioned in the comments about watching these two fib levels and I absolutely agree.. so credit to him... With how price action is acting currently I don't think that we make it to the second fib .786, but it looks like the .618 is doing a wonderful job so far. We will see after confirmation. Note
Looking good so far. price is struggling to get higher. I will be unavailable to update for about an hour or so today, lo siento. So, I will tell you now that I am looking for price to steadily fade back to yesterdays lows today, for my most likely scenario. Stay Snappy
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