SPY loves to follow wedge patterns and it looks like its trading inside a BROADENING WEDGE pattern. Another drop to 412-413 area could be seen soon.
A break of the bottom trendline of the wedge could result in big downward moves, filling the large gaps it made on the way up.
If the bottom trendline holds, we could see another ATH.
As a beginner, I'm still learning the ins and outs of recognizing patterns and trading them, but I'm always open to criticism and other ideas.
What do you guys think about my analysis?
Leave a comment below!
A break of the bottom trendline of the wedge could result in big downward moves, filling the large gaps it made on the way up.
If the bottom trendline holds, we could see another ATH.
As a beginner, I'm still learning the ins and outs of recognizing patterns and trading them, but I'm always open to criticism and other ideas.
What do you guys think about my analysis?
Leave a comment below!