The SPY is going up for 2 more days...
The SPY will continue to go up for 2 more days staying within this channel area. I suspect it will hit the target point I have indicated on my chart by Feb. 6th.
I have also used Fibonacci on this chart and you can see that both my time and target price prediction matches the Fibonacci retracement of 2.618 when it meets the top of the channel. The target price is 506 on Feb. 6th before it heads down towards the lower part of the channel.
Happy trading!
I have also used Fibonacci on this chart and you can see that both my time and target price prediction matches the Fibonacci retracement of 2.618 when it meets the top of the channel. The target price is 506 on Feb. 6th before it heads down towards the lower part of the channel.
Happy trading!
Comment:
There is another scenario that the SPY could hit. It would be a lower point at around 497 if you draw a triangle formation and the peak would be around Mar 1, where the first budget deadline it. Please refer to the following chart below.
Comment:
Comment:
It went up longer than a few more days than just the 2 days I predicted.
I still do see a triangle forming with the peak forming in the middle of March. I suspect the peak of the point will be around March 12, 2024 when the CPI data is scheduled to be released. I suspect there would be a drop in the market around that time.
If there was a drop in the market around then this would align perfectly with the Easter holiday at the end of March. I will draw another chart to pinpoint my prediction as this chart is getting kinda messy. But I will not close this chart as I believe the SPY will still go up for a while.
I still do see a triangle forming with the peak forming in the middle of March. I suspect the peak of the point will be around March 12, 2024 when the CPI data is scheduled to be released. I suspect there would be a drop in the market around that time.
If there was a drop in the market around then this would align perfectly with the Easter holiday at the end of March. I will draw another chart to pinpoint my prediction as this chart is getting kinda messy. But I will not close this chart as I believe the SPY will still go up for a while.
Trade closed manually:
This trade did not go as I suspected. But the weekly indicators have changed and are looking bearish, so I suspect the market will go down between now and within about 1 month. Also, in a Presidential election year, the market tends to dip briefly in May to June before going back up in July until the election. We are also seeing a descending triangle forming which means the market could decline or go back up. I will be drawing an updated chart shortly.