With the majority of future value and sentiment already discounted into today's value of the SPY ETF, I decided it was a great time to trade on this stock. All the other analysts here are convincingly placing a SHORT position on this stock, and rightfully so.
However, I would like to offer an alternative analysis and a more tight timeframe. Here is my analysis.
Using Fibonacci Retracement from the lowest low to the highest high, I found that the support and resistance levels where the ETF bounced is "picture perfect" with the alignment. Right now, the price is hitting the ultimate support trend line (drawn in yellow). This is on my 0.5 fib ratio line, and it aligns with the my hypothetical uptrend. The rally might not be happening right now as we speak, but this is a very possible rally.
on MACD, crossover got rejected but it seems to be at the peak and hit the fakeout, --> bullish short term?
RSI - VERY undervalued but not a great indicator at the moment. Can hit lower but Stoch RSI is a faster alternative than regular RSI and shows that we might have hit the complete bottom.
Quick summary: Make $288-289 CALLS NOW!!!
JK!
My views are my own and should not reflect anyone's trading decisions. Ultimately, I am not responsible for any financial risk anyone might attempt as the result of my analysis.
However, I would like to offer an alternative analysis and a more tight timeframe. Here is my analysis.
Using Fibonacci Retracement from the lowest low to the highest high, I found that the support and resistance levels where the ETF bounced is "picture perfect" with the alignment. Right now, the price is hitting the ultimate support trend line (drawn in yellow). This is on my 0.5 fib ratio line, and it aligns with the my hypothetical uptrend. The rally might not be happening right now as we speak, but this is a very possible rally.
on MACD, crossover got rejected but it seems to be at the peak and hit the fakeout, --> bullish short term?
RSI - VERY undervalued but not a great indicator at the moment. Can hit lower but Stoch RSI is a faster alternative than regular RSI and shows that we might have hit the complete bottom.
Quick summary: Make $288-289 CALLS NOW!!!
JK!
My views are my own and should not reflect anyone's trading decisions. Ultimately, I am not responsible for any financial risk anyone might attempt as the result of my analysis.