SPY - Pullback to $400 still possible with H&S pattern
I still think the Head & Shoulders pattern has not completed and the near term bottom is the $400 level ($390's). That would also complete a nice 0.382 fib retrace of this really long wave since the June 2020 pullback. It would also fill the gap from April 2021. Not to mention, the $400 level is a very strong psychological level, and I expect heavy buying if we get near it. After that, I think we could see a more sustained rally, but also the risk of more sideways for the major part of 2022.
I am neither really bullish or bearish at this point. I am currently long on about 60% of my portfolio with some VXX exposure to hedge. Crossing my fingers for a good rally off that $400 level.
I am neither really bullish or bearish at this point. I am currently long on about 60% of my portfolio with some VXX exposure to hedge. Crossing my fingers for a good rally off that $400 level.
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