Hello Traders,
Here we have a chart of
SPY
on the Daily Timeframe. The key point to highlight on this is the striking similarity of our current price action with our 2002 Dotcom Bubble crash from 17 years ago. As we can see, the current price action has reached the 618 retracement of the first wave down. Looking back to 2002, the larger downfall initiated after the price reached a 618 retracement of the first wave down. Furthermore, there are other confluences signalling the importance of the 2700 level which could be an area of reversal. Considering these factors, we may be continuing the larger downside on the SPY which will push us into the long due recession.
Trade with Care!
Feel free to PM if you have any questions and join our group to learn more about our analysis methods.
Here we have a chart of
SPY
on the Daily Timeframe. The key point to highlight on this is the striking similarity of our current price action with our 2002 Dotcom Bubble crash from 17 years ago. As we can see, the current price action has reached the 618 retracement of the first wave down. Looking back to 2002, the larger downfall initiated after the price reached a 618 retracement of the first wave down. Furthermore, there are other confluences signalling the importance of the 2700 level which could be an area of reversal. Considering these factors, we may be continuing the larger downside on the SPY which will push us into the long due recession. Trade with Care!
Feel free to PM if you have any questions and join our group to learn more about our analysis methods.
discord.gg/yshq3P