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Spylong

Bullish summer theory SPYHere is my crazy bullish theory for the market... (chart in daily) Indicators : MACD curling back to bullish and RSI back over the neutral level of 50. Waves : The last double bottom could be the a-b-c correction for the previous run, meaning that we can enter in a new bullish run. Last week drop stopped in the support zone for wave 2, a bounce over all time high would mean that wave 3 is officially started. Targets are on the charts. The summer run would also respect the fib fan. My theory : I don't think we will get a big correction during the summer with the economy reopening. Historically, july is a bullish month. The correction would start around september. The 10% correction that we are looking for would bring SPY back to 400 for the test we all waited for. Voici ma bull theorie pour le S&P 500... ligne du temps en jours Indicateurs : MACD est en train de courber vers le haut et le RSI est de retour au-dessus la zone de neutralité. Waves : Le dernier double bottom serait le a-b-c que nous avons besoin pour pouvoir commencer le prochain cycle. La chute de la dernière semaine s'est terminé dans la zone de support de la wave 2, un bris du haut historique voudrait dire que nous sommes dans la wave 3. Les cibles sont sur la graphique. Ma théorie : Je ne crois pas que nous aurons une correction lors de l'ouverture officiel de l'économie avec le retour à la normal. De plus, le mois de juillet est un bon mois pour le marché historiquement. Drôlement, la correction que nous attendons de 10% nous mènerait à un test du niveau historique de 400 pour SPY, niveau que nous attendons tous depuis longtemps.
AMEX:SPYLong
by Willgau13
1
SPY (S&P 500) BULLISH until July/August ELLIOTT WAVE THEORYThe S&P500 ( SPY ) has seen lots of sideways price action and consolidation for the past few weeks or so, but I believe that we could be seeing an impulsive break-out in the near future. This would form the impulsive wave 3 of a final wave 5 push to the upside before the bear markets kick in around the summertime months (July-August). We will need to see confirmation of a bullish break-out to know that we have entered an impulse wave to the upside. If SPY can break-out over 421-422 (heavy resistance levels), targets of 430+ are very achievable as denoted in the charts. A possible explanation for the recent lack of volume and price direction could be due to the fact that meme stocks ( AMC , GME , BB, BBBY , WKHS , etc.) have taken over the market and soaked up buying interest. Once buying power gets re-directed back into S&P500 stocks, we should see some bullish momentum that is needed to kickstart the impulse wave to the upside.
AMEX:SPYLong
by AnthonyW99
6
SPX Shortsqueeze Fiesta? My long trade.Hi traders! SPY / SPX is at all-time highs and traders are beginning to short. As we have seen in the Ethereum run-up, this behavior can lead to a short-squeeze fiesta. Ironically, more shorts lead to higher highs, until the very top - from where price finally breaks down for good. Have we made the top? We don't know, so we can focus on smaller timeframes and take one trade at a time. What is happening? On the 4h we see a difficult formation that is interpreted by many analysts as an ABC correction of the downtrend. However, on the subwave we see a slight violation of the wave C ratio. We can now assume that we might be in a wave 3 of 5, and pre-market price confirms this bias. Where do we go from here? If price goes higher, my assumption is that SPY will reach target 1 or target 2, which I have marked with a red box. How to trade it? A short from target 1 or 2 can be an opportunity for a scalp. Assuming that we are in a wave 5, it is safer to long. If price reverses on target 1, the green box (.382 fib reversal) presents an interesting level, assuming that the corrective subwave 4 is similar in magnitude to subwave 2. Should price reverse from target 2, we can easily derive an entry with a new fib pull, looking for the deepest possible level (.5 fib). What if not? If price breaks down from here, we can assume that the downtrend is intact and start looking for pullbacks to short into the trend. In that case we are in a motive wave 1 down and short once wave 2 has retraced. Happy trading!
AMEX:SPYLong
by UnknownUnicorn12250317