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abigreen

SPY with a possible new channel

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
abigreen Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Harmonic Patterns Technical Indicators
7
1
trendanalysis harmonicpatterns indicator
Looks like SPY breaks the support and will fall to 393 and will test its previous year long resistance flipped support line.
Its seats in megaphone pattern, which should be bullish, but....
Comment:
Comment:
I played the bounce, out at 396.40 (double top) fib.38 from yesterdays high. I expect double test at 393.70 then lets see
Comment:
I am reverting to my older chart where SPY felt out of uptrend channel and re tested support (previous resistance)
I think it will be a new downtrend channel .
I will stay on the side to see if its really that.
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