SPY $345 to $350 is Very Realistic
2 Hour chart has broken down completely and is currently trying to hold the double bottom established which will coordinate to the Daily Chart bottom 1 STD DEV BB and the Weekly Top 1 STD DEV BB. Long Story Short, We lose $369 on strong volume We lose the Daily uptrend and $345 to $350 is very realistic. I would not be long unless you are playing very short swings to the upside to take a much larger position back to the downside.
2 Hour Chart = Left
Daily Chart = Middle
Weekly Chart = Right
Can you see how all three work in conjunction with one another? What is scary, not only has the BB Width on the Daily slowed down into a consolidation cycle, the Weekly BB Width is also slowing down. Domino effect in the making, BUT we will not call it a total melt down yet, lets watch for $345 to $350 to hold first! You can see this uptrend beginning to slow down.
2 Hour Chart = Left
Daily Chart = Middle
Weekly Chart = Right
Can you see how all three work in conjunction with one another? What is scary, not only has the BB Width on the Daily slowed down into a consolidation cycle, the Weekly BB Width is also slowing down. Domino effect in the making, BUT we will not call it a total melt down yet, lets watch for $345 to $350 to hold first! You can see this uptrend beginning to slow down.
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