SPY(4h) - finally wedge plays out

15 thg 8, 2013

Got tired of waiting for it to play out, open below May support and below the 0.236 fib level is a good sign of a decent bear. We have some support here and SPX daily bounced of MA(50) so we could see some hesitation. But I'm biased for some more downside, 0.618 fib is my idea target here, we'll find out soon.

Measured move target was too darn accurate on this no volume move up, time for some give back!