$SPY to pull in more late longs then dump back to $330 or lower
The setup is looking very similar to last March in that I think $SPY will continue higher here making people think we're going to new highs because of stimulus. Then dump on them in the coming weeks.
I'm in all cash here and will likely wait until April to see how it plays out before getting back in. Everything looks overextended despite price continuing up.
We should get a dump sometime between end of March and Mid-May which price goes back to the low $300s with an extreme low target at $276 if the selling gets bad.
I'm in all cash here and will likely wait until April to see how it plays out before getting back in. Everything looks overextended despite price continuing up.
We should get a dump sometime between end of March and Mid-May which price goes back to the low $300s with an extreme low target at $276 if the selling gets bad.
Comment:
Forgot to add supports for the box targets are $336-306, bottom target if the selling continues $276
Comment:
Update. I got the timing a little off. Updated my chart with new idea - May 17th should be the pivot that changes the trend bearish. We should continue upwards until then. The low should come in August.
