Simple Supply and Demand Analysis of SPY using Heikin Ashi.
Assuming that SPY is going to break the 449-451 support zone (which I have no reservations in believing it will), the next demand zone would be in the 442-445 area.
If it bounces in this zone and remains above the demand zone, a 10% correction is unlikely at this time. However, if it pierces through, we can anticipate it reaching the 10% mark which is just 4 points below the demand zone.
Disclaimer:
Not financial advice! Trade your way!
Assuming that SPY is going to break the 449-451 support zone (which I have no reservations in believing it will), the next demand zone would be in the 442-445 area.
If it bounces in this zone and remains above the demand zone, a 10% correction is unlikely at this time. However, if it pierces through, we can anticipate it reaching the 10% mark which is just 4 points below the demand zone.
Disclaimer:
Not financial advice! Trade your way!
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