$SPY Levels
Taking note of flag
-Three sequences
-First sequence on 1HR shows a triple/quad tap to $470 into a retreat to the $464-$468 consolidation zone
-once that happened we ended up with a break of $470 into $473
This began the consolidation portion and bottom trend taps testing support.
-SPY then touched $451 support. In this bottom sequence SPY tapped $451 multiple times building old resistance as new support allowing for a shelf to be built
-SPY attempted to breach $460, however, did not and therefore allowed for more consolidation between $451-$460
This began third and final sequence.
-Spy gaps over $460 into $465. This allowed for SPY to consolidate again within $465 and $470. With this we then tapped $470 on multiple occasions allowing for a final tap and breakout to $472
SPY dropped to $451 for a final test of support and moved higher since.
Looking back this was all too obvious. I expect algos to take hold and move us further along towards $500. however, you can see from my charts that I identify both sides of the story play. I have other theories as well but this makes most sense.
-Three sequences
-First sequence on 1HR shows a triple/quad tap to $470 into a retreat to the $464-$468 consolidation zone
-once that happened we ended up with a break of $470 into $473
This began the consolidation portion and bottom trend taps testing support.
-SPY then touched $451 support. In this bottom sequence SPY tapped $451 multiple times building old resistance as new support allowing for a shelf to be built
-SPY attempted to breach $460, however, did not and therefore allowed for more consolidation between $451-$460
This began third and final sequence.
-Spy gaps over $460 into $465. This allowed for SPY to consolidate again within $465 and $470. With this we then tapped $470 on multiple occasions allowing for a final tap and breakout to $472
SPY dropped to $451 for a final test of support and moved higher since.
Looking back this was all too obvious. I expect algos to take hold and move us further along towards $500. however, you can see from my charts that I identify both sides of the story play. I have other theories as well but this makes most sense.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.