PARALLEL CHANNEL IDEA $SPX
There are about 3 parallel channels we can find on this chart from log, to auto and even a much larger channel from decades past that all line up to today.
I am using this channel as my first line of Resistance.
Invalidation here is very easy.. You break above this channel and confirm.. You have .4 to .5 % if you are to reach that trend line from here. However, you have quite a few reasons that we could stop and top out here and reject ......
I will post another channel I have later.
I am using this channel as my first line of Resistance.
- Rejecting this channel on the multi year time frame.
- Bearish divergence on the weekly / monthly TF.
- RSI & MACD have rejected the MA after a retest on the Weekly TF.
Invalidation here is very easy.. You break above this channel and confirm.. You have .4 to .5 % if you are to reach that trend line from here. However, you have quite a few reasons that we could stop and top out here and reject ......
I will post another channel I have later.
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