It would be really powerful for SPY to pivot here, and confirm a double bottom. This is surely thinking against the heard at the moment, but if the DXY gets a strong rejection, youre going to see the markets rally because of their valuation against the dollar.
A pivot here would give us a nice drive of divergence on the higher low with a lower relative strength.
To validate the wave count on the way down, we cannot make a lower low from this point so a rational stop level would be at the .113 level below us.
Major target would be the 1.13 because of the .886 retracement we did off our highs, the extension would likely be the 1.618 on CD, but a 2.0 would be the 100% measured move of the double bottom and not atypical in ABCD behavior.
Easy to define reward and risk here, and it would align with our bitcoin idea as well as far as time frame goes. Both could fail, but the variables are there.
A pivot here would give us a nice drive of divergence on the higher low with a lower relative strength.
To validate the wave count on the way down, we cannot make a lower low from this point so a rational stop level would be at the .113 level below us.
Major target would be the 1.13 because of the .886 retracement we did off our highs, the extension would likely be the 1.618 on CD, but a 2.0 would be the 100% measured move of the double bottom and not atypical in ABCD behavior.
Easy to define reward and risk here, and it would align with our bitcoin idea as well as far as time frame goes. Both could fail, but the variables are there.
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discord.gg/cNr35ahGsx
Join our free discord.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.