In the next couple of days, SPY will trade in this corrective zone on the daily.
1) Trend line is holding as resistance which coincides with
-the fib level
-the supply zone
2) ABC pattern where price bounced off
Option 1: Wait for prices to form today on the daily to determine the corrective pattern
Option 2: Take a long position but have a tight stop aiming for potential fib level
Biasness - Long term bullish
1) Trend line is holding as resistance which coincides with
-the fib level
-the supply zone
2) ABC pattern where price bounced off
Option 1: Wait for prices to form today on the daily to determine the corrective pattern
Option 2: Take a long position but have a tight stop aiming for potential fib level
Biasness - Long term bullish