This is what I have charted up for the short time frame of things for SPY
I am expecting a test of support trend line at 475.68. From there i am looking to see if we will break the support or if we will bounce again to test the upper trend line resistance at 478.55
Even if we do get a retest of the UPPER trendline, I anticipate that the lower support to be taken out and we will begin a BEARISH trend, down to $462.18, with minor supports at 470.83, 468.04, 462.20 and possibly 456.15 and 451.17. These last two are extremes. If they are taken out, we are looking at a higher time frame correction and a larger move down
None the less, i will be analyzing at these supports for a possible, nice BTFD opportunity
I am expecting a test of support trend line at 475.68. From there i am looking to see if we will break the support or if we will bounce again to test the upper trend line resistance at 478.55
Even if we do get a retest of the UPPER trendline, I anticipate that the lower support to be taken out and we will begin a BEARISH trend, down to $462.18, with minor supports at 470.83, 468.04, 462.20 and possibly 456.15 and 451.17. These last two are extremes. If they are taken out, we are looking at a higher time frame correction and a larger move down
None the less, i will be analyzing at these supports for a possible, nice BTFD opportunity
PG13