SPY Bear Fork N' Fib

SPY

SPY 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.

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Close trade in Full $$$$$