SPY | Recession Perspective | Confirmed

SPY

Possible Scenario: SHORT
Evidence: Inverse CUP&HANDLE on the weekly chart.

I see an Inverse cup and handle, which is bearish; APPLE lost its crucial level at 150$ today, which will go down for sure and bring the entire market down, the EOD rally was weak, and bulls couldn't capture any significant critical level.

SHORT TERM: Because charts are oversold, we could have a dead cat bounce and a counter-rally to the 400 area; I'm not sure about it yet; we will understand it next week when futures open and during the trading session,

mid-term target price is 320$; I'm 100% sure about it; price action today and specifically AAPLE price action confirmed this idea,
Long Term: I expect it to break the 2008 trendline and 200MA on the weekly chart, so the next possible price target is 280$; I'm pretty sure about this target too, but about target 3, I have no idea what we will see in 2023.
* it's not going to happen overnight, we are in a bearish market, and it takes years, so be patient; there are many opportunities to make money on both sides. This is our lifetime opportunity. Make a plan and use it.

Yorum:

It seems no-one like my idea; sorry, my friend, if it's not pleasant. lol