SPY looks to be starting a larger correction here.
I think the first leg will take us down to the $638-686 support levels which would setup a larger bounce (needs to break below $733 for this to play out).
Then if we can't break above the 733 level on a bounce higher, it sets up a trap for a move lower down to the lower support levels down in the $473-450 for the final bottom.
A break above the recent highs would invalidate the idea.
In order for this idea to play out, I think we need to see the first leg down take place by Nov 6th.
I think the first leg will take us down to the $638-686 support levels which would setup a larger bounce (needs to break below $733 for this to play out).
Then if we can't break above the 733 level on a bounce higher, it sets up a trap for a move lower down to the lower support levels down in the $473-450 for the final bottom.
A break above the recent highs would invalidate the idea.
In order for this idea to play out, I think we need to see the first leg down take place by Nov 6th.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.