Hello All 2000 of you guys,
Quick update on SPY.
Been seeing this coming since November 2021. No fun.
Bearish head'n shoulder on the daily (and weekly) chart, about 80% of the initial target price filled. Fifteen points away from 350$.
Price action could find some support around 350$. But I don't think it's gonna hold that long. Bearish pressure is too high. Inflation is too high, geopolitical tensions are too high, Housing market pressure and credit pressure is, again too high.
People need money to pay out debt. Cash outflows from Cryptos like crazy. We're in a huge bubble and it's just about to burst.
Target price 1 = 350$
Additional target if 350$ support breaks:
Target price 2 = 338$
Target price 3 = 321$
Target price 4 = 298$
Long shot targets if 300$ does not hold:
Target price 5 = 278$
Target price 6 = 238$
Target price 6 = 217$
Hope I'm wrong.
Stay humble, Have fun, Make money!
Quick update on SPY.
Been seeing this coming since November 2021. No fun.
Bearish head'n shoulder on the daily (and weekly) chart, about 80% of the initial target price filled. Fifteen points away from 350$.
Price action could find some support around 350$. But I don't think it's gonna hold that long. Bearish pressure is too high. Inflation is too high, geopolitical tensions are too high, Housing market pressure and credit pressure is, again too high.
People need money to pay out debt. Cash outflows from Cryptos like crazy. We're in a huge bubble and it's just about to burst.
Target price 1 = 350$
Additional target if 350$ support breaks:
Target price 2 = 338$
Target price 3 = 321$
Target price 4 = 298$
Long shot targets if 300$ does not hold:
Target price 5 = 278$
Target price 6 = 238$
Target price 6 = 217$
Hope I'm wrong.
Stay humble, Have fun, Make money!
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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.
Related publications
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.