The Long Investor
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$SPY TOP 20
🕑 Added 2025-03-31 19:02:20 +0000 UTCEventful day today, a flush down at the open to a lower low, RSI dropped again to the 32 level having bounced out of the oversold range last week and as the day went on, the price action recovered and bounced back above the larger 0.236 Fib at $550.
The best case scenario here is that we see another retest of the 200 Day MA this week but with the 'liberation' day on Weds, it's difficult to get very excited about this possibility, unless negotiations are resolved before then...which I find hard to believe.
For now, we still need to be vigilant for more downside, at least to the $512 0.38 Fib which is standard for Wave A.
A retest of the 200 Day MA may allow some members to lower their risk in some positions if they felt the last few days have been too difficult for them.
Comments
Alex
Thank you
Gareth Neary
Yes barely, as the price action has not gone lower than Wave 2 in Sept.
Alex
Since Meltup Wave 5 is still on the chart, I understand that the count is still valid?
