SPX should be near the reversal point for the multi-month decline
$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ rallied past the conservative targets, but should be near the reversal point for the multi-month decline.
The multi-month decline is strongly favored if this leg up remains below 5287. The loss of 5215 is an early warning sign of that.
However, if 5287 is exceeded, that would delay the higher degree correction as the next pullback would likely be a 4th wave to be bought for a multi-week rally first.
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We recognized a triangle pattern, so we expected further decline to 5132 support 📉
We then longed that support expecting a break higher to 5225 📈
Price surpassed expectations and blasted higher to 5260 🚀
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https://twitter.com/TriggerTrades/status/1770967910476820720
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- BillyWilliams·03-25👍 Thankful for the clear explanations and helpful charts.LikeReport
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