SPY DIAMOND PATTERN ALMOST FINISHED - UP OR DOWN?
Updated
I've been tracking this for approx 9 months - I thought it had finished its form much earlier however I kept re-drawing trend lines - checking time frames high and low like a mad man.
The consensus I keep coming too is we have a huge opportunity here. Diamond patterns are characterized as very rare however extremely reliable bc of how rare they are. They higher the time frame and the longer the pattern takes form the more solid it can be relied upon .
We have a few options here:
1. The last touch of the bottom trend line (lower right trend line) has already been touched and once we clear the orange line the breakout will be official - time to go long.
2. There is still one more swing low to go, we should curl down to make one last touch of the lower right trend line.
a. That could lead to a total breakdown - signaling a bearish continuation diamond
b. Price could stabalize on lower right rend line only to rebound to make its true BULLISH break of the orange upper resistance line marking the high of peak #3
With the downtrend as strong as it was - with the way the market has been moving up the last 2-3 weeks it makes the bull case very good looking, but i can't shake the possibilty that its a rug pull and we are going down.
Any critiques or ideas are more than welcome
tradingview.com/chart/Yi6ruccx/?symbol=AMEX:SPY
^^^ i still cant figure out how to just get the stock chart without the indicators to load here. anyway thats a link to the tradingview website chart for spy
The consensus I keep coming too is we have a huge opportunity here. Diamond patterns are characterized as very rare however extremely reliable bc of how rare they are. They higher the time frame and the longer the pattern takes form the more solid it can be relied upon .
We have a few options here:
1. The last touch of the bottom trend line (lower right trend line) has already been touched and once we clear the orange line the breakout will be official - time to go long.
2. There is still one more swing low to go, we should curl down to make one last touch of the lower right trend line.
a. That could lead to a total breakdown - signaling a bearish continuation diamond
b. Price could stabalize on lower right rend line only to rebound to make its true BULLISH break of the orange upper resistance line marking the high of peak #3
With the downtrend as strong as it was - with the way the market has been moving up the last 2-3 weeks it makes the bull case very good looking, but i can't shake the possibilty that its a rug pull and we are going down.
Any critiques or ideas are more than welcome
tradingview.com/chart/Yi6ruccx/?symbol=AMEX:SPY
^^^ i still cant figure out how to just get the stock chart without the indicators to load here. anyway thats a link to the tradingview website chart for spy
Note
Well here we are about 5 months later and I'm looking like the biggest idiot alive. Couldnt even follow my own advice/my own DD/ tech analysis that I had spent a great amount of time analyzing.
Instead of going with what my eyes saw - relying on what i've seen in the past - i convinced myself that "this market is out of whack" "its going to crash really hard" and basically been tryna call the top the whole way up getting my a hole f'd in the process good and raw. Had to update bc i just saw this and wanted to throw up.
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