SPY right now is in a volatile time with the rest of the US market. Although many indicators are pointing bearish, I am seeing this potential bullish scenario. The inverse head and shoulders would be a pretty big deal if it comes true. I would probably say a run towards the all-time high could happen. Here is the key: this IH&S is only proved false if we drop below the head which is around 260.
As long as the bullish divergence and the inverse H & S holds, it is looking bullish too me. If it breaks, then things could get ugly so make sure to have some stops in place.
Note
We also have a bullish triangle forming
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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.