The SPY Update: Breakout Ending In A 50% Retracement

Published 11/07/2012, 06:14 AM
Updated 07/09/2023, 06:31 AM
NWSA
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Follow-through day.

Digestion for the first two hours leading to a breakout ending in a 50% retracement.

Third down-arrow in the chart below representing a trade exit, was about one quarter of the position. Criteria 1b leading to (anticipating) 1a.
SPY - 15 Min
The market has set up perfectly for a major news event (being that it is elections). The bulls can argue a "W" pattern and the bears can argue the "B" point of an ABC corrective wave. Bears can also argue for the 20- and 50-Day Moving Average crossover. Can easily go either way.
SPY - Daily
Today's trade with key areas:

Confluence of prices; between the Open print, previous day's high, overnight high all within 2.5-points.
SPY - 2 Min

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