Sunday, November 15, 2009

Potential Scenarios for the SPY (S&P500 ETF)

(weekly SPY)


Comments:
  • we have 2 converging major trendlines (from march lows, from Oct 07 highs)
  • we are in the middle of the Fibonacci Time & Price Target box
  • There are Volume Support & Resistance areas aroung 85-95 and 120+
  • the last 2 weeks' surge was on extremely light Volume
  • Pls find 2 potential key breakout/-down areas (for the upside case the upper trendline needs to be broken, for the downside the Fib 38% of the Targetarea needs to taken out)
  • Andrew's Pitchfork could provide a roadmap for the downside or to the March Low retest
  • Pls be warned that once the downside gets accepted we could see some major impulse Wave on the downside......all people will run for the same exit the moment they realize that the rally was fake.....

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