SPY
Hey, traders.
Apparently, we have two options for the market developments in the near future.
As you can see, we have reached the mirror level of 298.6.
It was a long retest and we failed to take it the first time. It was a rollback on H1 charts.
However, we couldn't buy back the whole fall.
Therefore, the first possible scenario is that if we test this level again and breakout the lower level of the channel, we will go down.
The second scenario, in my opinion, is less probable, however, it is possible:
We have an upper level of channel 313.1, formed by a pullback in a downtrend.
This value was already confirmed on June 3 and 4.
If we break the upper boundary, it is very likely that we will go up.
However, as I have already said, I am about the first option.