Toward The End Of A Bullish Market? [SPY]
At the end of June, SPY started a strong bullish linear trend that recently exceeded a significant highest high created by a bullish gap on the 6 of June, but is it time for this trend to stop? The following analysis suggests a possible reversal.
We can see that the TRIX oscillator (period 14) made two consecutive bearish divergences, with a decreasing volume over time that reinforces our hypothesis.
The hypothesis can be further reinforced by seeing a double bottom pattern (an hourly chart is used), a retracement could be made later when the price reaches the orange level which coincides with the highest high of the last significant uptrend, however seeing a bearish gap in the future would be a good sign to see a retracement happening right now.
I am not an analysis kind of guy, don't hesitate to leave a comment if you see flaws or like my analysis
We can see that the TRIX oscillator (period 14) made two consecutive bearish divergences, with a decreasing volume over time that reinforces our hypothesis.
The hypothesis can be further reinforced by seeing a double bottom pattern (an hourly chart is used), a retracement could be made later when the price reaches the orange level which coincides with the highest high of the last significant uptrend, however seeing a bearish gap in the future would be a good sign to see a retracement happening right now.
I am not an analysis kind of guy, don't hesitate to leave a comment if you see flaws or like my analysis
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