The Expected SPY Bounce Was Right On Queue. Tomorrow We Drop.
#spy #stock #stockmarket #technicalanalysis #trading #traderlife
Traders,
We have been batting 1000 lately when it comes to the SPY. Might as well make another bold prediction. It would seem that the greatest probability of price action is outlined in the chart. An inverse H&S is forming and the right shoulder has yet to start.
I predicted the target down from the last H&S pattern to be 410. That was hit, almost to the dollar. I then predicted a huge bounce. We have that now. In fact, 7 days of green candles! Amazing. I even predicted the timing of the bounce. The charts gave me all of this data. I just had to read it correctly.
Now, the chart tells me it's time for a bit of a pause here at what could be a local top. If correct, we should see the right shoulder from that inverse H&S drawn begin to form. If we're lucky we stay in my outlined green channel by using that 200-day ma near the bottom of the channel as support.
Blowoff top is underway!
LFG!
Stew
