SPY: Looks like it may drop this week.
Updated
1. The wave pattern on the 30 minute chart looks like a a-b-c- correction pattern.
2. There is often a Fibonacci relationship between a and c. At current level c is very close to equal to a.
3. There is a bearish reversal in the daily RSI.
4. On the daily chart the current price level appears to recently be a support/resistance level.
Remember this may sound convincing but all all such analysis is often wrong. It can however allow you to anticipate and act quickly if price action confirms. So watch for a bearish candle pattern or a close below the current daily up trend line. As always: process your way and act on your own analysis. Have a great week and happy trading to you.
2. There is often a Fibonacci relationship between a and c. At current level c is very close to equal to a.
3. There is a bearish reversal in the daily RSI.
4. On the daily chart the current price level appears to recently be a support/resistance level.
Remember this may sound convincing but all all such analysis is often wrong. It can however allow you to anticipate and act quickly if price action confirms. So watch for a bearish candle pattern or a close below the current daily up trend line. As always: process your way and act on your own analysis. Have a great week and happy trading to you.
Trade closed: stop reached
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