SPY- Bearish Megaphone - Update
Just posting another update here on the SPY- Bearish megaphone is playing out as previously charted. The SPY rejected its 200day SMA the other day and now the 50-day SMA has crossed under the 200-Day SMA (Death Cross). The SPY formed a bearish butterfly harmonic pattern on the Hourly timeframe as well as a big head and shoulders on the weekly timeframe (See Attached Chart Below).
Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below)
-- Weekly Timeframe --
https://www.tradingview.com/i/fHYQezW5/
-- Hourly Timeframe --
https://www.tradingview.com/i/fjayMMcT/
-- Previously Charted --
https://www.tradingview.com/i/5s5D4ME1/
Some FIB levels and RSI-based supply and demand zones to keep an eye on in the meantime, bearish and hedged- (Previous Charts Attached Below)
-- Weekly Timeframe --
https://www.tradingview.com/i/fHYQezW5/
-- Hourly Timeframe --
https://www.tradingview.com/i/fjayMMcT/
-- Previously Charted --
https://www.tradingview.com/i/5s5D4ME1/
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