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MarketMotion

SPY - Scenario 1 still Favors the Bears

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
MarketMotion  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Wave Analysis SPDR S&P 500 ETF (SPY) es_f
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trendanalysis chartpattern waveanalysis spy es_f
Unless bulls can push above 447.08, bears still in control imo. We have a W4 ascending triangle awaiting confirmation of a break up or down. A break down should take us into 409-416 area where I would be more inclined to BTD for a move into 450's.

A break above would set up our Scenario 2 which has also been posted.
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