https://rightsideofthechart.com/spy-qqq-60-minute-charts-3-2/ Stock Trading, Investing & Market Analysis Sat, 02 May 2020 00:37:38 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://rightsideofthechart.com/spy-qqq-60-minute-charts-3-2/#comment-11315 Wed, 19 Jul 2017 23:33:05 +0000 http://rightsideofthechart.com/?p=182935#comment-11315 Absolutely. The scope of a correction or rally is typically commensurate with the time frame in which the buy or sell signal is triggered on. In this case, a sell signal will come on a break of these 60-minute price channels (in both SPY & QQQ for the highest probability sell signal). That A-B-C corrective wave scenario drawn on the SPY 60 minute chart above indicates a pullback towards 244.63 which is only about 1% below current levels. Should SPY climb another 1% or say, 2%, that would be a 2 or 3% pullback.
If that scenario does play out, it could provide an objective level for those looking to buy the dip or a short trade for an active trader using a leveraged instrument like SPXS (3x short) or ES emini futures. If that 244.63 support breaks, it could lead to more downside or at least a backtest of the 240.32 key support level on the daily time frame. Much more significant sell signals would come on a break below the 240 area as well as this minor (yellow) & primary (white) uptrend line on this daily chart of SPY, which I still believe will occur within the next month or so.

]]> https://rightsideofthechart.com/spy-qqq-60-minute-charts-3-2/#comment-11314 Wed, 19 Jul 2017 22:02:10 +0000 http://rightsideofthechart.com/?p=182935#comment-11314 Randy don’t you think considering the longer time frame trends being so bullish on the monthly/weekly that any pull back on the hourly is likely to be minor compared to the upward movement?

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