$SPY TOP 20
Added 2024-11-10 19:40:17 +0000 UTCThe Melt up level right now for me is at $632, which is only +6% from this current price.
Touching $599 this was week was symbolic as we approached the $600 level, where only a few analysts believed we would touch this level this year.
So running to $632 would be a stretch but this is what happens in a Melt Up scenario, everything goes extended.
I think $SPY will likely have no issue going to the top line of this rising wedge at least at $610.
But right now there is no clear signs of a top and no signs of rejecting right now.
RSI is at 72, so the market is not cheap now, it is in overbought territory but a Wave 5 extending could have no issue going to an RSI of +90
If I see any signs of a top, resistance and rejecting, you will all know about it.
Comments
Well I like the sound of that. Thanks Cap!
LP52
2024-11-11 14:23:34 +0000 UTC
