SPY RENKO CHART - NOT (YET) SUGGESTING MAJOR MARKET TOP

SPY renko chart put in another red brick on good volume last week. Support is now ~1% away (230-ish) and first major resistance is also ~1,2% away on the upside.

I think we might need to put in at least another red brick on the chart before this corrective move is over. Currently I do not believe this is a "major market top", only a corrective move.

The current guesstimate is: 1 more red brick on the chart followed by a green brick and then another series of 1-3 red bricks before the correction is over.

Comment:

SPY's little sister, also know as DAX, bullish market cycle:
traders.fi/market-cy...cle/dax-bull-cycles/

Comment:

SPY should put in a new high very soon or this pattern will suggest a double top forming!