I am not suggesting one not stay hedged in some way, but we seem to have breakout support, so if it’s a nested 1-2-1-2 (orange and red), here is a target range we may expect on $SPY. This is roughly in line with my previously discussed thoughts on $ES, which may be found here.
We still do need $ES to break out of its down trend line (arrow), so keep an eye on that:
[UPDATE]: The target was hit, so I will file this under Successful Calls.”
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