When the $SPY touched the upper (red) trend line of the daily Wedge pattern I've been mentioning in by analyses for weeks now, I said that something finally could change in the market. When I broke below the Blue trend line, I got my confirmation that that the bulls are running out of power. Despite the rally we have seen in the following weeks (till two weeks ago) I held to my bearish bias and it paid off!
My target was the green daily uptrend line. $SPY reached it today.
It is the last line of defense for the bulls - Below it, it can get ugly and fast.
If you are looking for buying opportunities in this blown, overpriced market - This is your ultimate dip!
You may have Draghi in your corner tomorrow! who knows.
I'm not going to do it, but here's your setup.
Good luck
My target was the green daily uptrend line. $SPY reached it today.
It is the last line of defense for the bulls - Below it, it can get ugly and fast.
If you are looking for buying opportunities in this blown, overpriced market - This is your ultimate dip!
You may have Draghi in your corner tomorrow! who knows.
I'm not going to do it, but here's your setup.
Good luck