SPY Long-Term Targets

Published 08/23/2015, 02:05 AM
Updated 07/09/2023, 06:31 AM
SPY
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SPY Chart

SPY Broke Down Through the Top of the Long-Term Orange Rising Megaphone

NYSE:SPY broke back into its long-term orange rising megaphone.

It needs to get down to the bottom of the red rising megaphone top to confirm the top is in. Then it needs to retrace to 2080, which would make for a nice retest of the orange rising megaphone top.

I didn’t draw every expected bounce on the chart, but the ultimate theoretical target for the correction once SPY breaks out of the red rising megaphone is the bottom of the orange rising megaphone. There SPY would usually start a bottoming megaphone to get the price back to the 2010 low.

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