101 channel's target, if we only bearishly break outSimple charting.
First target is usually
the last point price
touched the Trend L.
Second target it the
pullback = width of
the channel
Sp50
SPX's RSI with out bias or emotions, just this indicator.Everything is possible, but with all else equal we could be going up. RSI has been consolidating for over 65 days for a major move up/down. The only thing is kind of scary
right now is Covid -19 or lock downs to fight it. With out these two points it could be for the Bulls to get control here. It sounds unreasonable with overbought indicators and
over valued fundamentals but we could be still in wave 3 Elliott wave or this is a Bulls trap and we crash : -).
wish you the best.
SPY Bullish Descending Wedge FormationSPY looks to be forming a descending wedge. I will be watching closely for a break out of this wedge to go long.
Let's see how this plays out the next few days with potentially more stimulus being announced.
