SPY Rising Wedge| Local S/R| .618 Fibonacci| Price Action Apex
Evening Traders,
Second Analysis – SPY – trading in a valid rising wedge where a breakdown bearish is probable.
Points to consider,
- Price Action Apex
- Local S/R Resistance (.618 Fibonacci Confluence)
- POC Confluence (Local S/R Support)
- RSI Divergence
SPY’s immediate price action is trading close to its apex where a greater probability of breaking bearish persists.
The Local S/R resistance is in confluence with the .618 Fibonacci, price is likely to establish a bearish retest here.
Point of Control (POC) is in confluence with the lower Local S/R Support. This level will be Price Actions immediate trade location when and if the Rising Wedge breaks bearish.
The RSI has a valid bearish divergence, indicative of signalling weakness as momentum starts to shift in the market.
Overall, in my opinion – SPY – is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember!
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
Second Analysis – SPY – trading in a valid rising wedge where a breakdown bearish is probable.
Points to consider,
- Price Action Apex
- Local S/R Resistance (.618 Fibonacci Confluence)
- POC Confluence (Local S/R Support)
- RSI Divergence
SPY’s immediate price action is trading close to its apex where a greater probability of breaking bearish persists.
The Local S/R resistance is in confluence with the .618 Fibonacci, price is likely to establish a bearish retest here.
Point of Control (POC) is in confluence with the lower Local S/R Support. This level will be Price Actions immediate trade location when and if the Rising Wedge breaks bearish.
The RSI has a valid bearish divergence, indicative of signalling weakness as momentum starts to shift in the market.
Overall, in my opinion – SPY – is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember!
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
Join my free telegram! t.me/chartdoctorsanconsultants
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