H&S on SPY active. Will $410 target be hit?
Traders,
A strong dollar (11 weeks straight of green candles) and an elevated VIX has helped to trigger a break of this H&S neckline on the SPY chart. The pattern is now playing out but we are on support on the RSI chart where we can usually expect a bounce. Additionally, we have strong support at the 200 day ma just below us. Our target on this H&S is 410. The big question is will we reach that target or will the bottom of my channel which coincides with the 200 day ma catch us before falling that far?
Best,
Stew
A strong dollar (11 weeks straight of green candles) and an elevated VIX has helped to trigger a break of this H&S neckline on the SPY chart. The pattern is now playing out but we are on support on the RSI chart where we can usually expect a bounce. Additionally, we have strong support at the 200 day ma just below us. Our target on this H&S is 410. The big question is will we reach that target or will the bottom of my channel which coincides with the 200 day ma catch us before falling that far?
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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