Long

SPY- Potential Reversal (Update- Bullish)

Following a massive head and shoulders forming, the SPY has seemingly found a bottom. Watching closely for a potential bullish reversal here as there has been quite a clear shift in momentum the past few days. The SPY is forming an inverse head and shoulders on the hourly timeframe (Not Pictured, while also forming a massive bullish harmonic pattern as well as a bullish ABCD Elliot Wave on the 4-hour timeframe (See attached chart below). This is accompanied by bullish divergence on the RSI as well as a clear increase in buyer volume relative to seller volume. Still treading lightly at the moment given broader economic conditions and very possible rate hikes by the Fed coming, however, am leaning more towards bullish than bearish at the moment. Staying hedged & scaling into long-term buying opportunities. Just some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime - (Previous Charts Attached Below)

-- 4-Hour Timeframe --
https://www.tradingview.com/i/rwYYkJ7p/

-- Previously Charted --
https://www.tradingview.com/chart/SPY/xl2qSW84-SPY-Bearish-Megaphone-Update/
https://www.tradingview.com/i/fHYQezW5/
https://www.tradingview.com/i/Ddgk9nRN

jacobosiason7

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