$SPY Bull wave count
Hey guys, happy Saturday!
Here is the (not so pretty) but still valid potential bull count we have unfolding. The red dotted line was the invalidation level for my other bear scenario. I will still put up a new bear count now that it has been crossed, but I believe breaking that level, while simultaneously gapping up over the 50 DMA and the POC put the bulls in control.
The rally appears to be getting exhausted (see bearish divergence and macd cross) as well as what appears to be a finished impulse. We should see a 3 swing here taking us back down the the breakout / ATH AVWAP. From there I expect that we will go rip mode again and we should be seeing ATH's soon here before year end.
If your a bull - the back test is the dip to buy. I would use my stop loss beneath the backtest breakdown.
Here is the (not so pretty) but still valid potential bull count we have unfolding. The red dotted line was the invalidation level for my other bear scenario. I will still put up a new bear count now that it has been crossed, but I believe breaking that level, while simultaneously gapping up over the 50 DMA and the POC put the bulls in control.
The rally appears to be getting exhausted (see bearish divergence and macd cross) as well as what appears to be a finished impulse. We should see a 3 swing here taking us back down the the breakout / ATH AVWAP. From there I expect that we will go rip mode again and we should be seeing ATH's soon here before year end.
If your a bull - the back test is the dip to buy. I would use my stop loss beneath the backtest breakdown.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.