SPY - Double Bottom on Two Cycles - AH Breakout? SantaRally?
If you have followed or seen my other recent 
SPY charts you'd know that I have maintained a bullish outlook in the face of a primarily bearish sentiment that has seemingly permeated the hearts of most traders...
It seemed like a reversal was coming in the usual manner but the bell tolled and we barely moved, however (as I said in the usual manner) it began to rally afterwards... Indicators began to turn, things were looking a little more rosy... It seemed to have diminished thereby losing my attention to bitcoin which has had a pretty solid day or two (if you are long), actually, its had a solid year but I digress as usual.. This is about the
SPX and its index ETF the SPY!
So back to my point, all of a sudden I hear my computer turning up the fans quite dramatically, as my pants were still safely on and belt secured the only other option had to be a rally of some sort... or a catastrophic sell-off but no... it was my old friend the SPY... all systems were a go... finally, redemption, how could I have gone on knowing that the three people (generously 3, likely 1) who actually read my descriptions would go on thinking I am a total n00b who doesn't understand the first thing about technical analysis, charting, and the origin of Mr. Elliot Wave himself... I still cant get over how well his lastname fit his future theory..
Well, I may just be making it worse because as I had written this, it got quiet again... However as an eternal optimist I will publish with the hopes of my reality becoming our reality...
The lightning bolts mark the double bottom, while the indicators are just silly....
Take note of the volume profile and the potential breakout as it had been steadily descending since the Dec 14th...
Let me be clear that I like volume to confirm formations and therefore The flag may be more of a symbolic gesture than the technical formation which may in actual fact be a more triangular in nature (not flat bottomed though)
Merry Christmas!! Good Luck & Happy Trading
SPY charts you'd know that I have maintained a bullish outlook in the face of a primarily bearish sentiment that has seemingly permeated the hearts of most traders... It seemed like a reversal was coming in the usual manner but the bell tolled and we barely moved, however (as I said in the usual manner) it began to rally afterwards... Indicators began to turn, things were looking a little more rosy... It seemed to have diminished thereby losing my attention to bitcoin which has had a pretty solid day or two (if you are long), actually, its had a solid year but I digress as usual.. This is about the
SPX and its index ETF the SPY! So back to my point, all of a sudden I hear my computer turning up the fans quite dramatically, as my pants were still safely on and belt secured the only other option had to be a rally of some sort... or a catastrophic sell-off but no... it was my old friend the SPY... all systems were a go... finally, redemption, how could I have gone on knowing that the three people (generously 3, likely 1) who actually read my descriptions would go on thinking I am a total n00b who doesn't understand the first thing about technical analysis, charting, and the origin of Mr. Elliot Wave himself... I still cant get over how well his lastname fit his future theory..
Well, I may just be making it worse because as I had written this, it got quiet again... However as an eternal optimist I will publish with the hopes of my reality becoming our reality...
The lightning bolts mark the double bottom, while the indicators are just silly....
Take note of the volume profile and the potential breakout as it had been steadily descending since the Dec 14th...
Let me be clear that I like volume to confirm formations and therefore The flag may be more of a symbolic gesture than the technical formation which may in actual fact be a more triangular in nature (not flat bottomed though)
Merry Christmas!! Good Luck & Happy Trading
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