SPY Rising Wedge| Local S/R| .618 Fibonacci| Price Action Apex

2020年10月6日Evening Traders,

Second Analysis – SPY – trading in a valid rising wedge where a breakdown bearish is probable.

Points to consider,
- Price Action Apex
- Local S/R Resistance (.618 Fibonacci Confluence)
- POC Confluence (Local S/R Support)
- RSI Divergence

SPY’s immediate price action is trading close to its apex where a greater probability of breaking bearish persists.

The Local S/R resistance is in confluence with the .618 Fibonacci, price is likely to establish a bearish retest here.

Point of Control (POC) is in confluence with the lower Local S/R Support. This level will be Price Actions immediate trade location when and if the Rising Wedge breaks bearish.

The RSI has a valid bearish divergence, indicative of signalling weakness as momentum starts to shift in the market.

Overall, in my opinion – SPY – is a valid short with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps!

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And remember!

“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager