I've been targeting the $410 area since I watched SPY begin to break down in August- I see quite a lot of support around this level, and I see this level as an important horizontal for all possible outcomes moving forwards.
I could see this level acting as MAJOR HTF support- but i'm also wary of the fact that a bounce from this level could act as a Wave 2 correction. In this scenario, we would expect 2 more significant corrective waves to the downside following this $410 bounce. IF we see a significant bounce from the $410 level, only to see that moved retraced in the following months... I would interpret that as highly bearish and look for bearish price action to take us much farther to the downside into next year.
I could see this level acting as MAJOR HTF support- but i'm also wary of the fact that a bounce from this level could act as a Wave 2 correction. In this scenario, we would expect 2 more significant corrective waves to the downside following this $410 bounce. IF we see a significant bounce from the $410 level, only to see that moved retraced in the following months... I would interpret that as highly bearish and look for bearish price action to take us much farther to the downside into next year.
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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.