The Spy is going down, probably this Thursday after the Initial Jobless claims or Friday after the US unemployment rate. (You can see this in some of the indicators I use) It will probably hit the 61.8% retracement or the 78.6% retracement during the week of the Fed Announcement. After that, you will see the market bounce up and down during the week before Christmas.
This is just a brief retracement as the weekly indicators are still showing an upward move. After Christmas, the market will move up again and into the beginning of the new year.
I did post a previous chart like this a few days ago, but I don't think my drawings and calculations were as tight.
This is just a brief retracement as the weekly indicators are still showing an upward move. After Christmas, the market will move up again and into the beginning of the new year.
I did post a previous chart like this a few days ago, but I don't think my drawings and calculations were as tight.