22/08/2022 - $SPY Call Setup

21 août 2022

Very clear falling wedge (lower highs, lower lows.) What's interesting about this setup is we are nearing a gap fill from August 11th, the highlighted green zone. At the top of this zone is a blue dashed line. This happens to not only be a likely support from Aug 12, but is also a possible support on a 50% retracement. My trade, depending on how Monday opens, is to look for calls on the Wedge's support line and in the purple zone given high volume; the expectation is the the price will break up out of the walling wedge. If we fly through the green gap-zone, ill be looking at the lime-green dashed line, which is also a support from August 11th lows. My planned exits are the red dashed lines, which coincide with supply zones and Fibonacci lines (0.618, 0.5, 0.382).

22 août 2022

Note

Setup invalidated at open. Therefore, no position opened.