Spy/SPX500 Bear Flag formation
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The correction overnight created a channel (screenshot below) which needs to breakdown for more confidence in this idea. We could still get to 2510-20 area before that happens.
The hourly structure now looks like a bearflag, which should reach a target of around 2250. Some may also see a weak head and shoulders formation. Either way, I think we'll sell off with a little zig and zag here and there into Friday's close.
Considering the price action overnight, I do expect we'll retest and possibly break the lows from March 22 -most likely next week.
Good Luck!
The hourly structure now looks like a bearflag, which should reach a target of around 2250. Some may also see a weak head and shoulders formation. Either way, I think we'll sell off with a little zig and zag here and there into Friday's close.
Considering the price action overnight, I do expect we'll retest and possibly break the lows from March 22 -most likely next week.
Good Luck!
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channel starting to break before the jobs numbers. Be careful of whipsaw movementsتعليق
Jobless claims - 6.6 million claims vs. 3.1 expected.تعليق
channel broke down after a small retest/whipsaw moveتعليق
Economists surveyed by Dow Jones estimated 3.1 million, a week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week’s total was revised higher by 24,000.تعليق
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much higher open than expected, it could have been a bear trap. lower low would confirm the downtrend.تعليق
Hourly bull divergence, this may be playing out today تعليق
Last updated idea looks like it's playing out. THIS is why it's so hard to trade news. The hourly bull divergence seems to be the key here, also we didn't get high enough of a retrace - even less that .382. That was suspiciousتعليق
Previous channel from this morning has contained the bulls, If we get over it, I'm expecting 2550+ and then failureتعليق
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waiting for this. I may long over the channel, or just wait to short. The less trades, the less I make mistakes :) تعليق
This channel has been important to the price - it's possible we see something like this into tomorrow as an alternative. تعليق
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trendline clearer on SPY تعليق
Trendline may hold here, wait for a nice green candle - also a SPY bounce to .618 would seem logical since that's the gap. Maybe we rally the rest of the day and then tomorrow/overnight - sell it تعليق
Long wicks indicate buyers in this area, we'll see if it can holdتعليق
Looking good right now تعليق
2500 held, took a half position longتعليق
As long as futures are inside or above this channel, it's bullish تعليق
As of now we are below the channel and haven't recovered it. I thought for sure we would be going higher than this, but It's possible that this is only wave 4 and the 5th wave down is to come.تعليق
Possible double correction with a double top at the .382 fib. I'm not saying "it is this" I'm saying - it's possible. Not even sure if the labeling is correct as my EW is still intermediate level at best. Either way, recovering the channel is imperative for the bulls to continue up. تعليق
right now, I see two possibilities today - we reverse from the red channel line and make a deeper retrace to 2555 area - or - we break below the red channel line, retest it and fail. تعليق
Could have been a stop run, still waiting. 
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