Intermediate bias to the downside on SPY

Aug 23, 2015

This week the SPY broke out of the symmetrical triangle then filled the gap we called out at 201.62 and retraced 100% of the previous swing.

The intermediate bias is now to the downside and there are numerous downside targets -

• Gap fill @ 196.16
  Fib target @ 192.02
  Gap fill @ 190.30
  Gap fill @ 186.27
  Fib target @ 178.53
  Gap fill @ 177.48
  Gap fill @ 173.22