4 Ideas on Where the Bulltrap Ends (Updated 4/13/20)

The current bull trap pattern remains bullish, and today's small pullback allows for a run-up tomorrow to the 284-285 range, where there is an important pivot / resistance. Any trend reversal here would help form a double top pattern, similar to the one that had formed around 263 on March 31. From here, I'm expecting a bigger pullback here back to the 0.5 fib line and the bullish trend line. This is the first opportunity to breakdown the bull trap, but I believe it's more likely we see a bounce here and a bullish continuation towards the next fib line (.786) at 293. Any pullback from the .786 fib line has a must better chance of breaking down the bullish trend line. Good opportunities to swing trade in the near term and enter short positions towards the end of the bull trap.

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Pullback as expected, after the 284-285 resistance area / pivot held up yesterday. Looking for SPY to pullback to 266-270 range before a reversal back up.

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We had a smaller pullback than expected and consolidated for two days within a tight range between 275 and 280. SPY was very bullish entering after hours trading and I believe the next push to 293 will occur tomorrow.

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Three bull trap breakdown opportunities have been tested, and we're finally getting a leg down, likely to the 278 area. I expect one more re-test of the overhead bear trend line (ie. last chance for bulls) before we finally begin our Elliot Wave 5 down to 245 or potentially lower.