SPY took on the ABC wave rather than the "W" pattern mentioned yesterday. The 200-day MA below and a 50% Fib. extension at $137.33 could offer some support.
The weekly is sitting right at the intermediate trend line, still showing the 2c-2d criteria, however the daily hasn't triggered a long entry (which typically comes in the form of the 3d criteria)
Here is a 5-minute chart of the SPY today. Fib. projections are based off of the opening gap (previous day's close to todays open) and off of the high/low opening swing.
Another view of today's trade. The IB_low retaining a lot of chop this afternoon, while the o/s_low offering a great short setup opportunity on the pullback
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
Many quick trades rather than just holding onto a short (not ideal). "MAE" in the chart below = Maximum Adverse Excursion.
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