SPY channel bounce
Continuing the analysis and projection of the channel lines, you can see that there can be multiple ways to draw the channels. In this channel drawing, I assumed that the price spike drop was a panic price drop and therefore used the more steady price bottoms that reacted multiple times on the top and bottom of the channel that I drew. It creates more of a line of best fit. The most recent bounce happened at the test of two channel line crosses as well as a significant bottom from the end of June 2017. Although for me this is a temporary bounce since the downtrend still exists, I could see the potential for a bullish reaction to this significant level especially after the method that it rejected the 240 level. If not then look out.
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