Massive rising wedge on Spy dating back to covid crash?
Noticed I had this wedge/channel pattern drawn up from last fall. Forgot all about it then was reviewing and noticed it lined up pretty well to this massive drop. There are plenty of ways to plot out patterns on Spy, this is just one of many I've charted out. I'm still a novice at this but wanted some ideas on this. Since November of 2021 we started forming a megaphone pattern with a rising wedge inside. We broke down from the wedge which led to this drop and potentially testing the bottom trend line around $430 to confirm it. We've also had tons of divergence since Oct 2021. If fibs play out we could get a full retracement back to $426 ish, with potential support in the $430 range. Below that it could get scary. I don't think it would fall as far as the covid lows, but just where the massive uptrend started.
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