SPY bearish pitchfork analysis
Updated
I drew these pitchfork lines before Oct. 15, 2023 when I posted my last SPY idea, titled "SPY: strong bullish pitchfork analysis" (see related idea below). At that time SPY was 427.48. Now it's 470.80. SPY reached the top pitchfork line that I drew back in Oct. 15 last year and is at this time expected to fall further.
Note
SPY broke through, and reached the highest pitchfork line, I now expect SPY to fall. Today it closed at 501.20. Note
Based on my pitchfork setup, I expect SPY to fall to at least ~465 over the next few weeks.
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