I looked at SPY on weekly and could see a cupping pattern plain as day.
When I look on daily, I see a Head and Shoulders pattern forming at what would be the Handle for the cup. H&S patterns are not valid until the neckline is broken. This neckline slopes versus being a straight line.
There is also a prior Bearish Rising Wedge and the bottom line is intact so it is not valid as of yet. Price broke up from the wedge a while back. If price hits that Rising wedge and as a rule it will eventually, there is too much supply inside of the Rising Wedge and price may dump.
Rising Wedges are bearish in the end. Both lines slope up and narrow at the apex. A Rising Wedge can represent FOMO and there are too many buyers inside of the wedge.
In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias. There are a series of higher highs and higher lows which keeps the trend inherently bullish. The final break of support indicates that the forces of supply have finally won out and lower prices are likely.
2 bearish patterns but there is a cupping pattern noted on weekly.
No recommendation/Short if price breaks the neckline.
When I look on daily, I see a Head and Shoulders pattern forming at what would be the Handle for the cup. H&S patterns are not valid until the neckline is broken. This neckline slopes versus being a straight line.
There is also a prior Bearish Rising Wedge and the bottom line is intact so it is not valid as of yet. Price broke up from the wedge a while back. If price hits that Rising wedge and as a rule it will eventually, there is too much supply inside of the Rising Wedge and price may dump.
Rising Wedges are bearish in the end. Both lines slope up and narrow at the apex. A Rising Wedge can represent FOMO and there are too many buyers inside of the wedge.
In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias. There are a series of higher highs and higher lows which keeps the trend inherently bullish. The final break of support indicates that the forces of supply have finally won out and lower prices are likely.
2 bearish patterns but there is a cupping pattern noted on weekly.
No recommendation/Short if price breaks the neckline.
Note
5/15
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.