SPY Week of Dec 4

Hi Everyone. Still learning, and sharing first official chart drawn on TV. Hoping for thoughts / feedback :)

Based on 1 month, 1hr time frame, I created peak and trough trend lines w/ 5 general S/R.
Based on this, I would say SPY has some room for growth before reversal. I am basing this expectation on the not yet achieved 9/21 crossover, and that the RSI seems to be ready to go up for a short squeeze before reversal.

I would say SPY has room for growth early, to a peak around 365/365.5. I think cross over happens early in week, and will then reverse.

Based on the blue trend lines, even with more gap ups as SPY has had this month, I would Say this week, it will be confined between a high of 365.5 and a low slightly higher than 357.7.

I would want to trade this using a 12/7 362 P.
- Entry above 364
- TP at 361, and trimming size at every dollar lower thereafter. Expecting this to be a 20-30% profit on the contract.
- I think SPY bounces off support at 359/358.5, and would want to be out of trade before this.
- My stop would be if SPY closes above 365, as I think. Close above the upper trend line indicates upcoming gap up and continuation play.