SPY Fails to Break 109.35

SPY Fails to Break 109.35

Yesterday SPY broke through trendline A shown below, giving an indication that the end of the correction may be near. However it was just a fakeout, SPY came very close to my high probability reversal target of 109.35 and is now set to gap down and open at 108.09. I believe the next 5-7 trading days should bring us to the capitulative low of the correction between 100-104. Then on the next reversal to the upside, SPY will break through trendline A and possibly B which will signal that SPY is ready to return to highs at 122.

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