Spy to hold the weekly 20 EMA
If we look at the move from this cycle bottom
to the current rejection at 454, that was a 30% move and if we look at the more recent bottom, it was a 20% move. A rejection at the 454 area was to be expected. If the recent bounce off the 20 w EMA marks a higher low, then we should rally to 480, just based on inflection points.
to the current rejection at 454, that was a 30% move and if we look at the more recent bottom, it was a 20% move. A rejection at the 454 area was to be expected. If the recent bounce off the 20 w EMA marks a higher low, then we should rally to 480, just based on inflection points.
Trade closed: target reached
Although, the path to 480 was slightly different than expecting the follow through was perfect and 480 target was reached.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.