/ES $SPY SPX Breakout Of Megaphone Pattern; Target: 415 Long

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Dec 19, 2020 2:19 AM

It appears as though we started a new bullish trend during the first week of December, but the RSI will need to breakout of channel to confirm, and top line of megaphone will become support (from resistance).

Comments

VooDoo7227

⋅ Dec 19, 2020 3:01 AM

Clearly a hidden bearish divergence. Be careful.

Trendtarda

⋅ Dec 21, 2020 8:18 AM

@VooDoo7227 I second this. Mega bearish move coming soon

mahables

⋅ Dec 19, 2020 2:59 AM

Patterns like this are generally bearish, and given current conditions, I would expect this to break back down towards the bottom of the channel.