Does the Harmony Continue for SPY?
As you can see with the yellow, dimly-shadowed, Bearish Cypher, it took prices some time to finally turn to the downside. Although going short would of been a successful short-term trade, the outlook is still bullish.
The current Bullish Cypher, the green one, is iffy. The top portion that hit the former resistance just barely missed the minimum 1.13 extension, leaving me asking whether the 1.13 held prices or the solely the resistance.
With the outlook being bullish, I suppose I could make the case it was a combination of them both, allowing me to enter long here, with the addition of an AB=CD at the PRZ as well. Volume spikes are eluding to this down move of this past session being heavily bought into. The break of the trendline is a somewhat of a cautionary sign, as prices could have broken with the intention to cascade lower. The RSI Divergence is barely valid, 27.7382 - 26.7671, an extremely narrow margin.
The current Bullish Cypher, the green one, is iffy. The top portion that hit the former resistance just barely missed the minimum 1.13 extension, leaving me asking whether the 1.13 held prices or the solely the resistance.
With the outlook being bullish, I suppose I could make the case it was a combination of them both, allowing me to enter long here, with the addition of an AB=CD at the PRZ as well. Volume spikes are eluding to this down move of this past session being heavily bought into. The break of the trendline is a somewhat of a cautionary sign, as prices could have broken with the intention to cascade lower. The RSI Divergence is barely valid, 27.7382 - 26.7671, an extremely narrow margin.
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