LONG SPX500USD/SPY!

21 Jan 2022

Here is a 4 hour hart of SPX500USD. I do see that it is in an expanding triangle pattern and have made multiple touches on the upper and lower end of the triangle. In confluence with the pattern, SPX500USD is also in a demand zone where buyers can come in and push it up. Based on this idea, there is a possibility that SPX500USD will go up. However, if it fails to hold it could go even lower and down to the 4300 level.

22 Jan 2022

Catatan

It broke below my lower trendline and I will watch the 4300 area for any signs of possible reversal.
From past experience, there were times where the market reversed right away and faked out many traders in the next trading session, causing a short squeeze. But who really knows what the market may do right? So, in my opinion it's best to just let the market play out and be reactive instead of predictive. Good luck to all!