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Joseph VanDerveer

Joseph VanDerveer

Joseph VanDerveer is the Chief Technical Analyst with 8 years experience in the trenches trading the markets with a brand new website and service

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SPY

Obviously this is a projection and may not come to pass. Take a look at the beautiful symmetry with time and price. If SPY does make it to the top of the channel, it would corroborate the fib. retrace. projection.

Sometimes I like to project the fib. to time and price confluence areas without using a fib. ext. model.

We also have a potential gap fill at the 61.8% retrace, after SPY hits the 228 on 12/19/16

Again, this is a forecast and projection, trade accordingly. For this scenario to happen, SPY would have to hold current support near the recent highs, but you can clearly see where that support is.

I am staying long NUGT, being it should be a higher probability trade imo...

Below is the 1 year 2 day SPY chart with current major cycle lows.

SPY 2-Day Weekly Chart
Larger Image

 

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