Double bottoms normal always retest the original breakout before heading higher. This retest or pullback is called a handle. I'm providing a link with a visual demonstration for education purposes fxscouts.com/forex-e...-and-double-bottoms/
We are now forming the handle on the spy that I think will take us back to 470-472 area in the next 2 trading sessions. The white lines are the support and resistance that the handle is trading in. How powerful is a breakout? Just look at what Tesla did today after breaking out of its handle. I think this handle breakout will eventually take us to 485.
XLF has also broke out of its resistance
QQQ is forming its own handle.
If we open green tomorrow, watch for any resistance around 478.40 , if we reject, the spy will head back to white support line. If we breakout, its game on..
So I'm bearish short term but bullish after the retest
We are now forming the handle on the spy that I think will take us back to 470-472 area in the next 2 trading sessions. The white lines are the support and resistance that the handle is trading in. How powerful is a breakout? Just look at what Tesla did today after breaking out of its handle. I think this handle breakout will eventually take us to 485.
XLF has also broke out of its resistance
QQQ is forming its own handle.
If we open green tomorrow, watch for any resistance around 478.40 , if we reject, the spy will head back to white support line. If we breakout, its game on..
So I'm bearish short term but bullish after the retest
