Critical point to watch

11 mai 2021

After the SPY major sell-off today. I am still wondering if this is the small pullback for the ultimate top? Or the correction has begun?

I believe tomorrow will be a critical point for us to watch. Whether it will bounce back up to reach the final top 4250-4270 or it will break the channel to find the next support around 4135.

The market is very tricky and choppy at this point, it's difficult to predict its next move.

First scenario: It bounces back up tomorrow and the ultimate top will be reached by the end of this week. I forecast this correction will last 21-30 days.

Second scenario: It breaks the channel, we will see if holds 4135. If not, daily EMA 50 and 100 will be its next stops.

Have fun and trade safe!
For self-education use only. Not financial advice.

11 mai 2021

Note

Here we go, the correction seems begin. Tomorrow might bounce a little to trap more bulls. Don’t fall for it! Good luck to all.