Selltherip
scale into shortsHello guys,
don't be fooled from yesterday's breakout in Nasdaq of the descending triangle.
We don't have that much upside potential.
Also if this is really the bottom (what I really don't think), we will retest it.
All in all, best thing you can do right now is to scale into shorts until 12700-12800.
If we break this zone we can consider a Bottom, but also then we will come back to at least 11400-12000 to retest it.
Cheers out!
(not a financial advise)
40 years of SPYA bunch of price targets here. If things drop as fast as they went up, my bear case target is 315 by December 2022. If SPY can keep up above 400 through December 2023- We might have a decade of sideways movement without any all time highs (i.e. 2000-2013) If things continue to downtrend for the next 4 years- 280 bottom by July 2026. I would dollar cost average anything below 315 on SPY. Maybe even sell cash secured puts. #notfinancialadvice