SPY - Schiff Pitchfork Price Projection

SPY

$SPY 130m timeframe aka, the daily candle divided into 3 sessions (Morning/Lunch/Afternoon)

I applied a Schiff Pitchfork, starting with the (A) High pivot in late March, (B) the low pivot in June, and the (C) high pivot in August.

It embeds price movements quite well, and I believe gives us some hints as to where price is heading in the near term.

You'll see that price dropped from the peak in August and perfectly tested and bounced off the Median Line. (Green Circle)

Next, price managed to climb towards the U-MLH, but failed to reach it. Price topped out at $411. (Yellow Circle)

This was a key signal...

The Hagopian Law states that price failing to reach it's next target line will signal a strong move in the opposite direction.

Yes, this includes Median Lines, Median Line Parallels (MLH), and Warning Lines/Extensions.

(Reference - Watch 1:04:00 - 1:15:00) https://www.youtube.com/watch?v=ad1NOD0_dts&t=2940s

The failure of price to reach the upper parallel here signals that a strong reversal is likely.

This is exactly what happened...

Notice that when price reached the Median Line it both gapped under and retested it. (Orange Circle)

This tells us that the next likely target for price is the L-MLH, which coincides with the 50% Fibonacci retracement level of the Covid low to high. (AKA $350 SPY)

I plotted an additional descending Andrews Fork on the chart to show a potential path towards that L-MLH/50% Fib level.

It is my belief that $SPY will test the lower parallel of this Schiff Pitchfork / $350 price level sometime in October.


Fat_Fat

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Zoom Out View - Fibonacci Levels.

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Lines up with my previous SPY idea

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- Heading down to target Friday 10/7