I believe it should be evident that the top has been put in on this two year topping pattern of : Bear Wedge / 3 Drive Bearish Divergence (M)
Now the fun starts.
GL
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The Bottom Purple would be our 2 year line Breaking>
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Zoomed out made the arrows easier to understand
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1 min chart
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Note we havent quite broken yet but are looking very close
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Could be in the process of breaking soon or being supported, if we do not break very soon then I would be quick to cover as we could get a nice bounce here if bears are rejected
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Changed: bottom white support of bear flag into red to show its significance as last support. I would not be to quick to take profits after this breaks. We should have quite a measured move down 271 and 263 are on the radar with big green targets painted on them.
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Going to take a break from the day traders updates. The red line support is the BIG IMPORTANT one. Now that we are above it we could continue up from here so be careful when shorting to have tight stops if high frequency day trading.
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The Current structure of the market reminds me of when I was trading bitcoin actively.
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Living with gravity at 1.5x living under MA crosses.
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Looking at the SPY chart we see we are back testing the gap