SPY is looking Very Sexy ! There is 1 more step to go ! N3 Confirmed!! The price is doing exactly what we had predicted (see previous analysis).
Indeed, the price bounced in the zone we had predicted last week, creating an "N3" pattern. Now, we are waiting for the final phase of the N3 pattern, which is to reach new highs or new extreme.
What do we need to see?
This phase is of great importance because, if completed, we would be at new historical highs again.
The Key is the Last Candle: If you can observe the last candle on the chart, you'll see it has a very long lower wick. I call this a buying pressure candle; however, we need confirmation with the next candle, which should have a large bullish body in order to reach the new extremes we've been seeking.
So, we can conclude that by putting all the points together when analyzing this chart, we have a bullish outlook for the rest of next week. However, it’s important to remember that we need solid confirmation with a bullish candle to confirm we will have a green week!
Best regards and success in your trades.
Thanks for supporting my analysis.
