The $SPY is Potentially Setting up for Another Short-term Bounce

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SPDR S&P 500 ETF TRUST (AMEX:SPY)

AMEX:SPY SPDR S&P 500 ETF TRUST

chartpattern trendanalysis harmonicpatterns bullishgartley bullishengulfing bullishdivergence fallingwedge gartleypattern

Today on the 4HR Timeframe we went down Below the Demand Line of a Falling Wedge Channel but ultimately closed back within the Channel then Bullishly Engulfed at the PCZ of a Bullish Gartley on the close of the next candle. We also showed slight hints of Bullish Divergence on the MACD whilst this was going on. This looks to be pretty good for any Market Bulls out there in the short to midterm but i we aren't completely out of the woods yet as the Macro is still Bearish. I will be looking for a Midterm bounce in the SPY but wont be targeting much higher than $450 before looking to see more continuation to the downside.