SPOTTED SPY DESCENDING TRIANGLE
SPY Chart on a 60min timeframe suggests a descending triangle pending imbalance to the downside. The descending triangle structure constructed a high volume node through mutable weeks of rotations acting as distribution zones. In recent sessions, a downside break of the base of the structure signaled a change in hands of the auction, which penetrated low volume nodes <225 forcing overhead supply to unlock. We’ve seen this before as the central banks and large institutions use bearish structures as traps. Nevertheless, support sits in the 221-221.50 where high volume nodes extend outwards.
SPY Chart on a 60min timeframe suggests a descending triangle pending imbalance to the downside. The descending triangle structure constructed a high volume node through mutable weeks of rotations acting as distribution zones. In recent sessions, a downside break of the base of the structure signaled a change in hands of the auction, which penetrated low volume nodes <225 forcing overhead supply to unlock. We’ve seen this before as the central banks and large institutions use bearish structures as traps. Nevertheless, support sits in the 221-221.50 where high volume nodes extend outwards.
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.