There is always something more to learn. When you find yourself jumping to conclusions and "getting nervous" then keep searching because what I see and what you see are very different pictures. There is so much more to charting, especially inter-market relationships. If bonds were melting down and if commodities were sharply higher, and if valuations were stretched, and if Gov't policy were against the market and if money flows weren't already so negative, and if VIX readings weren't so high, and if the public weren't so negative, then we could have a huge decline, imo. What you are seeing on this chart is that we had a sharp selloff. Whenever you get a sharp selloff, it can either be the end of a correction OR a new downtrend, OR the beginning of a long, side-ways correction. There is nothing magical about it. Just don't jump to conclusions. That keep me sane when I either "want to be right" or when I "want to see a big trade". Lay down your trade parameters so you know when you are right and you know when/where you will change your mind. Otherwise you aren't charting but seeing what you want to see. Good luck to you.
considering that SPY is a general indication of contemporary market factors, we can see that it's not feeling too well. that's about it, and hard to say what'll happen next unless one keeps finger on the pulse of the news, and what's happening in Europe and Asia.
Agreed, the market rarely does the same thing. But I do think there is more consistency with long term trends like this than shorter term trends. I'm not claiming were heading back to the 70's. But as I stated this chart does make me nervous.
I posted another SPY chart that included trade ideas. I'd love to hear your opinion of that one.
Also, I don't use tradingview.com to chart and haven't messed with it enough to get it visually how I like it. I use ToS.