SPY Ascending Wedge Paths
Nice rally for SPY off 565, now it's all the way back to the top end of the range near ATH. Nice little ascending wedge here, I'll be looking for longs on a retest if we break up above the wedge and past ATH. It could also be a good long if it pulls back to the bottom end of the wedge and holds.
If we get the downside break, first target is the bottom of the range again around 565 and then the 560 area for a final target. Another bearish scenario would be a brief ATH break that has a hard rejection at the top end of the wedge and can't hold the previous ATH on a retest.
If we get the downside break, first target is the bottom of the range again around 565 and then the 560 area for a final target. Another bearish scenario would be a brief ATH break that has a hard rejection at the top end of the wedge and can't hold the previous ATH on a retest.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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