$SPY TOP 20
Added 2023-10-19 12:21:26 +0000 UTCEmotions are likely to be running very high right now so it is important to stay grounded and keep to the facts.
What we know:
- $SPY hit the 200 Day MA and bounced from $420 to $438
- This was a strong bounce and bounced on a strong confluence level.
- It has bounced in 5 subwaves now and we are in the middle of its pull back.....which is a little messy but a pull back nevertheless.
- So let's use Fib levels to find where this Wave 2 is going to find support potentially during this pull back.
- The 0.618 Fib is the standard Fib to expect support.
- So let's see how it holds this level and go from there.
Everything else is immaterial.
Follow the price not the noise.
Comments
Best case scenario it bounces at this level on the trend line. Would be a short Wave 2 pull back but support nonetheless.
Gareth Neary
2023-10-19 12:35:17 +0000 UTCWhat about that yellow trend line as a support? About $429?
Trevor Sweetnam
2023-10-19 12:34:06 +0000 UTC
