update on SPY pattern completion/reversal

24 nov 2023

SPY has the potential to 465 or before reversal as there is a large pattern that will attempt to complete there giving us a large reversal zone. The initial pullback should only take us to 430 +/- but I assume as we fill each gap we will attempt a reversal on the way there.

If we push and hold before this 5-0 has a chance then the possibility of continuation is in play so that is where I would proceed with caution on shorts. We could see a push to 483-497 at that point and then a larger pullback. Not ideal at this point but possible if the push/hold occurs.