$SPY Levels
Taking note of flag
-Three sequences
-First sequence on 1HR shows a triple/quad tap to $470 into a retreat to the $464-$468 consolidation zone
-once that happened we ended up with a break of $470 into $473
This began the consolidation portion and bottom trend taps testing support.
-SPY then touched $451 support. In this bottom sequence SPY tapped $451 multiple times building old resistance as new support allowing for a shelf to be built
-SPY attempted to breach $460, however, did not and therefore allowed for more consolidation between $451-$460
This began third and final sequence.
-Spy gaps over $460 into $465. This allowed for SPY to consolidate again within $465 and $470. With this we then tapped $470 on multiple occasions allowing for a final tap and breakout to $472
SPY dropped to $451 for a final test of support and moved higher since.
Looking back this was all too obvious. I expect algos to take hold and move us further along towards $500. however, you can see from my charts that I identify both sides of the story play. I have other theories as well but this makes most sense.
-Three sequences
-First sequence on 1HR shows a triple/quad tap to $470 into a retreat to the $464-$468 consolidation zone
-once that happened we ended up with a break of $470 into $473
This began the consolidation portion and bottom trend taps testing support.
-SPY then touched $451 support. In this bottom sequence SPY tapped $451 multiple times building old resistance as new support allowing for a shelf to be built
-SPY attempted to breach $460, however, did not and therefore allowed for more consolidation between $451-$460
This began third and final sequence.
-Spy gaps over $460 into $465. This allowed for SPY to consolidate again within $465 and $470. With this we then tapped $470 on multiple occasions allowing for a final tap and breakout to $472
SPY dropped to $451 for a final test of support and moved higher since.
Looking back this was all too obvious. I expect algos to take hold and move us further along towards $500. however, you can see from my charts that I identify both sides of the story play. I have other theories as well but this makes most sense.
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