I had been viewing SPY as forming a consolidating wedge over the last month, which would resolve hard to the downside. However, since we haven't seen any consistent selling, I want to introduce a second structure that may be developing.
And while it does involve slightly higher short-term highs, it's actually an even more bearish structure, a rising wedge (orange), even sometimes called an "ending diagonal," because it's the end of a move up.
On the chart, I have also placed a green horizontal line representing the bottom of the February gap from when the first crash happened (325.85).
My intermediate and long-term outlooks both remain unchanged: I expect terrible moves to the downside, just probably not this week.
And while it does involve slightly higher short-term highs, it's actually an even more bearish structure, a rising wedge (orange), even sometimes called an "ending diagonal," because it's the end of a move up.
On the chart, I have also placed a green horizontal line representing the bottom of the February gap from when the first crash happened (325.85).
My intermediate and long-term outlooks both remain unchanged: I expect terrible moves to the downside, just probably not this week.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.