$SPY - Ugly process. Stay bearish... for a few weeks atleast.
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You know back in September I felt crazy for feeling crazy for calling the tippy top of the market on a specific day (literally. 25th, check 
GS post). I knew the reaction to a post-market "correction" (-1% away from bear market but who's counting) would pretty much define the rest of the process. To be bullish NOW is as risky as being bullish back in September. & to me that's clear as could be - but I've seen plenty of people share ideas about seeing another +5% move even to suffice some dead cat bounce. Truth be told we're beyond the hypothetical time limit (if you take confidence with trading moving averages) of posting another bounce. If any - which personally I don't think is the case, but it could happen. If it did, that 113% $256-257ish 100% fib that was broken as support is always a possibility. Personal price target is a 250-271% re-trace below down to somewhere preferably above the $220 mark, but below $225. Beyond that - good luck to the bulls. And if you're bearish after a -15% downturn, but you weren't bearish 5 months ago - smd.
GS post). I knew the reaction to a post-market "correction" (-1% away from bear market but who's counting) would pretty much define the rest of the process. To be bullish NOW is as risky as being bullish back in September. & to me that's clear as could be - but I've seen plenty of people share ideas about seeing another +5% move even to suffice some dead cat bounce. Truth be told we're beyond the hypothetical time limit (if you take confidence with trading moving averages) of posting another bounce. If any - which personally I don't think is the case, but it could happen. If it did, that 113% $256-257ish 100% fib that was broken as support is always a possibility. Personal price target is a 250-271% re-trace below down to somewhere preferably above the $220 mark, but below $225. Beyond that - good luck to the bulls. And if you're bearish after a -15% downturn, but you weren't bearish 5 months ago - smd. Nota
Am I lucky or am I perfect at charting fib re-traces? I guess we shall find outDagangan ditutup: hentian tercapai
Respectfully should've drawn the stop loss from the break of the $256 fib. Glad it happened though. Officially: bullish.
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