At the end of June, SPY started a strong bullish linear trend that recently exceeded a significant highest high created by a bullish gap on the 6 of June, but is it time for this trend to stop? The following analysis suggests a possible reversal.
We can see that the TRIX oscillator (period 14) made two consecutive bearish divergences, with a decreasing volume over time that reinforces our hypothesis.
The hypothesis can be further reinforced by seeing a double bottom pattern (an hourly chart is used), a retracement could be made later when the price reaches the orange level which coincides with the highest high of the last significant uptrend, however seeing a bearish gap in the future would be a good sign to see a retracement happening right now.
I am not an analysis kind of guy, don't hesitate to leave a comment if you see flaws or like my analysis
We can see that the TRIX oscillator (period 14) made two consecutive bearish divergences, with a decreasing volume over time that reinforces our hypothesis.
The hypothesis can be further reinforced by seeing a double bottom pattern (an hourly chart is used), a retracement could be made later when the price reaches the orange level which coincides with the highest high of the last significant uptrend, however seeing a bearish gap in the future would be a good sign to see a retracement happening right now.
I am not an analysis kind of guy, don't hesitate to leave a comment if you see flaws or like my analysis
Check out the indicators we are making at luxalgo: tradingview.com/u/LuxAlgo/
"My heart is so loud that I can't hear the fireworks"
"My heart is so loud that I can't hear the fireworks"
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.
Check out the indicators we are making at luxalgo: tradingview.com/u/LuxAlgo/
"My heart is so loud that I can't hear the fireworks"
"My heart is so loud that I can't hear the fireworks"
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.