SPYSPY has perfectly tested & wicked off the 200 SMA and trigger-line of the descending (red-dashed) fork that held price from late March through July.
Upon testing the trigger line, SPY is starting to show some bearish divergence on sub-daily timeframes.
If this trigger-line manages to hold, I'm expecting a move lower to the new (yellow) fork's median line which is conveniently in sync with the U-MLH of the previous fork.
Back in March, my original downside target levels for the SPY we're 350 or 320.
AKA the 50% & 61.8% retracement levels of the Covid low to "everything bubble" high.
I'm expecting that median line test to occur at or near one of these fib levels.
Target 1: 50% Fib - 350 SPY
Target 2: 61.8% Fib - 320 SPY
Let's see what happens.
Fat_Fat
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Previous Move: 
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Initial move down: 
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Don't let a short-term gap fill fake you out over the next few days.
Those who missed out, may get another chance to short.
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Took profits on a big chunk of my puts today.Note
Close trade in Full $$$$$
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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.