SPY - Bulls and Bears channels score: 2 to 3
We are inside two bearish channels (red) and two bullish channels (green)... all below the ATH resistance vector... which is really just another bearish channel at this point. So my channel score is Bears 3 : Bulls 2.
Todays double bottom could hold as support for the bulls, as they have recharged after a bit of a pull back (see the RSI is super low (purple arrow)? Loaded up for the Bulls to run ... maybe they will defeat 1, 2, or even all 3 of these bearish resistances (red dashed lines). Will we see a Double top or new ATH?
Then again, our overall trend is bearish for the last month, and that double bottom didn't happen at any particularly interesting level... just a previous open.
So maybe we will just run the RSI back up and recharge the Bears by tomorrow... then the crash continues! very exciting!
Trends continue, on each time frame scale, until they are met with a clear reversal... so:
My expectation (pink) is that we will run up to the resistance of the red bearish channel overnight on the small green rising wedge, then it will give way, and we will fallow this 3 days old bearish (broadening - so increasing volatility) channel down to the green support vector.
The next big decision point should be the intersection of the green support vector and this bearish broadening channel.
Todays double bottom could hold as support for the bulls, as they have recharged after a bit of a pull back (see the RSI is super low (purple arrow)? Loaded up for the Bulls to run ... maybe they will defeat 1, 2, or even all 3 of these bearish resistances (red dashed lines). Will we see a Double top or new ATH?
Then again, our overall trend is bearish for the last month, and that double bottom didn't happen at any particularly interesting level... just a previous open.
So maybe we will just run the RSI back up and recharge the Bears by tomorrow... then the crash continues! very exciting!
Trends continue, on each time frame scale, until they are met with a clear reversal... so:
My expectation (pink) is that we will run up to the resistance of the red bearish channel overnight on the small green rising wedge, then it will give way, and we will fallow this 3 days old bearish (broadening - so increasing volatility) channel down to the green support vector.
The next big decision point should be the intersection of the green support vector and this bearish broadening channel.
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