I am seeing spy completing an intermediary cycle and is currently in a midterm downtrend given the upcoming inflation data, ect... If spy holds support around 426-424 area, I think a small bounce is in order and believe it will test the upper DT channel resistance, fail, and then resume lower.
There is a IHS formed for a nice bull trap and a Head-n-Shoulders for a nice bear trap. Looks as though the market makers are working overtime to take our money if we don't continue to look for an edge.
If the resistance of the DT holds, then I will be looking to short the market at that time. Cycle analysis shows that between 4/18 and 4/22 may be my time-frame for that entry if resistance holds true. My lower target for the next dip is down at the 400 area (2021 April Gap).
There is a IHS formed for a nice bull trap and a Head-n-Shoulders for a nice bear trap. Looks as though the market makers are working overtime to take our money if we don't continue to look for an edge.
If the resistance of the DT holds, then I will be looking to short the market at that time. Cycle analysis shows that between 4/18 and 4/22 may be my time-frame for that entry if resistance holds true. My lower target for the next dip is down at the 400 area (2021 April Gap).