H&S on SPY active. Will $410 target be hit?

#headandshoulders #spy #stocks #pullback #crash #dollar #dxy #vix

Traders,

A strong dollar (11 weeks straight of green candles) and an elevated VIX has helped to trigger a break of this H&S neckline on the SPY chart. The pattern is now playing out but we are on support on the RSI chart where we can usually expect a bounce. Additionally, we have strong support at the 200-day ma just below us. Our target on this H&S is 410. The big question is will we reach that target or will the bottom of my channel which coincides with the 200-day ma catch us before falling that far?

Best,

Stew

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