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SPOTTED SPY DESCENDING TRIANGLE

AMEX:SPY   SPDR S&P 500
44 0 2
SPOTTED SPY             DESCENDING TRIANGLE

SPY             Chart on a 60min timeframe suggests a descending triangle pending imbalance to the downside. The descending triangle structure constructed a high volume node through mutable weeks of rotations acting as distribution zones. In recent sessions, a downside break of the base of the structure signaled a change in hands of the auction, which penetrated low volume nodes <225 forcing overhead supply to unlock. We’ve seen this before as the central banks and large institutions use bearish structures as traps. Nevertheless, support sits in the 221-221.50 where high volume nodes extend outwards.
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