SPY - Short: A Market Correction Could Be Coming in Sep 2020
Base on Renko candle chart, we easier realize an ABC Correction Wave are forming after Elliott Uptrend Waves completed.
This correction should stop at $315 - $320, right the top of 3rd Elliott Wave. That is important Demand Zone.
If a big Panic Sell happen, it easy to take SPY down to $295 - $300.
To break this downtrend, SPY needs to close above $352 for at least 2 candles of D1.
This scenario, in my opinion is only about 15% likely to happen.
Sit on hands and watch the trend.
Disclaimer.
P/s. I hope I'm wrong.
This correction should stop at $315 - $320, right the top of 3rd Elliott Wave. That is important Demand Zone.
If a big Panic Sell happen, it easy to take SPY down to $295 - $300.
To break this downtrend, SPY needs to close above $352 for at least 2 candles of D1.
This scenario, in my opinion is only about 15% likely to happen.
Sit on hands and watch the trend.
Disclaimer.
P/s. I hope I'm wrong.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.