Market will move after Christmas ... but which way?!?
There is a triangle which indicates a move upwards or downwards.
I suspect the Spy will move downward based on the weekly indicators, but I am not ruling out the possibility that it will go up. (Last time, I predicted the Spy was going down, I got caught with my pants down!)
I suspect the Spy will move downward based on the weekly indicators, but I am not ruling out the possibility that it will go up. (Last time, I predicted the Spy was going down, I got caught with my pants down!)
Comment:
It's looking like it will be in the new year when it starts to move. But with triangles, they can go out of the triangle prior to the tip.
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Comment:
As you can see on the updated chart, I have adjusted the triangle slightly, which changes the point of the triangle slightly to approximately, Jan 2, 2024. But the SPY can pop out of the triangle before that point.
I suspect that it will move downward out of the triangle due to the weekly indicators which are indicating a downward movement but at this point, I am not ruling anything out.
I have 2 target points. One if it moves upward and another if it moves downward. Typically, it will move the length of the triangle which is where I have the two points.
If you are using the Fibonacci tool, you will see that one of the Fibonacci numbers aligns with one of the target points if it moves downward. And the other Fibonacci target (not shown) aligns with the upward movement line. (or pretty close)
I suspect that it will move downward out of the triangle due to the weekly indicators which are indicating a downward movement but at this point, I am not ruling anything out.
I have 2 target points. One if it moves upward and another if it moves downward. Typically, it will move the length of the triangle which is where I have the two points.
If you are using the Fibonacci tool, you will see that one of the Fibonacci numbers aligns with one of the target points if it moves downward. And the other Fibonacci target (not shown) aligns with the upward movement line. (or pretty close)
Comment:
I have posted another chart below, adjusting the triangle one more time just tweaking it a bit, to refine the target points. I believe the SPY went out of the triangle today showing a downward movement and the daily indicators confirmed this. I think we will reach the 50% retracement around Jan 8th or 9th, 2024.
Comment:
Trade closed manually:
The SPY is not going the way I suspected . It did pop out of the triangle but I think that was just to change the tip of the triangle. I will draw an new chart shortly updating what I think will happen.