SPY Reversal

7 mag 2020

We have an even more clear reversal pattern poking its head (no pun intended) out here with the SPY. Price set a higher high, retraced, set another higher high, retraced, and is now forming a lower high (right shoulder). This is happening at a veyr critical 618 Fibonacci level amidst a fundamental environment that is astronomically negative. Watch for a break of this lower trend line (neckline) for a potentially massive sell-off to the downside.