SPY renko chart put in another red brick on good volume last week. Support is now ~1% away (230-ish) and first major resistance is also ~1,2% away on the upside.
I think we might need to put in at least another red brick on the chart before this corrective move is over. Currently I do not believe this is a "major market top", only a corrective move.
The current guesstimate is: 1 more red brick on the chart followed by a green brick and then another series of 1-3 red bricks before the correction is over.
I think we might need to put in at least another red brick on the chart before this corrective move is over. Currently I do not believe this is a "major market top", only a corrective move.
The current guesstimate is: 1 more red brick on the chart followed by a green brick and then another series of 1-3 red bricks before the correction is over.
Note
SPY's little sister, also know as DAX, bullish market cycle:traders.fi/market-cycle/dax-bull-cycles/
Note
SPY should put in a new high very soon or this pattern will suggest a double top forming!
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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.