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From a Near-Term P&F Perspective, SPY Remains in the Grasp of a Powerful Downtrend

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    From a near-term Point & Figure perspective, the decline in SPY from its 200-breakdown plateau will satisfy an optimal downside projection in the vicinity of 190. So far, SPY has hit a print P&F low at 191.20, so it does have room for more downside to make a direct hit on the target. To trigger an initial upside reversal, SPY must print 193.60, otherwise the dominant PF trend will remain DOWN.

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