From the 50% retracement of the S&P, we're able to project the target of 3,250 - 3,500 for SPX (325 - 350 for SPY).
Before this happens, I think it's possible, although not likely, that the S&P reverses to 2,640 level before going up and forming an inverted head and shoulders.
Note: I'm not a bull or bear nor did I factor fundamentals into my analysis (nor did I try). Yes I'm aware of the national debt crisis and some economic indicators screaming incoming recession.
Before this happens, I think it's possible, although not likely, that the S&P reverses to 2,640 level before going up and forming an inverted head and shoulders.
Note: I'm not a bull or bear nor did I factor fundamentals into my analysis (nor did I try). Yes I'm aware of the national debt crisis and some economic indicators screaming incoming recession.
Trade closed: target reached
3250 target hit on Futures. SPY also reached the target if you include the amount subtracted for dividends.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
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.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
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.