Hi all,
Was going through the SPY chart. Since it has broken a major trendline, the probability of a correction is significant now. Although the price seems to be moving back up, it can be setting up a stage for a correction to the support zone. The current rally can be seen as an ABC correction which can start a deeper pullback if the market fails to break resistance. Either it's that, or we just see things consolidate sideways and breakout later.
What are your guy's thoughts?
Was going through the SPY chart. Since it has broken a major trendline, the probability of a correction is significant now. Although the price seems to be moving back up, it can be setting up a stage for a correction to the support zone. The current rally can be seen as an ABC correction which can start a deeper pullback if the market fails to break resistance. Either it's that, or we just see things consolidate sideways and breakout later.
What are your guy's thoughts?