It's highly likely that SPY will go back to its previous descending channel in the next 2 to 3 weeks.
1. 1st target to get in to buy: 379-387.
2. When price hits that range, keep an eye on the strength of bounce. If it's strong and quickly jump outside of that range, then it's very likely that SPY has bottomed. If it's weak and stays around that level for more than 1 week, then SPY still has not bottomed and be prepared for new lower low.
No one knows the future. Just plan the trading and stick to it. Bull market is just having a rest. After that, all new time high is coming for sure.
1. 1st target to get in to buy: 379-387.
2. When price hits that range, keep an eye on the strength of bounce. If it's strong and quickly jump outside of that range, then it's very likely that SPY has bottomed. If it's weak and stays around that level for more than 1 week, then SPY still has not bottomed and be prepared for new lower low.
No one knows the future. Just plan the trading and stick to it. Bull market is just having a rest. After that, all new time high is coming for sure.
Kommentera:
Finally, SPY goes to the range as I suggested about 2 months ago.