The black lines are equidistant from each other. If the rally falters here... it's likely that we may be looking at a true top or at least a short term one.
Trade active:
A month and a half later this looks to have been spot on. It still hasn't formed a very well defined top pattern, though, so we'll see. The best news? Seems almost everyone is bearish. And, ironically, that's very bullish. That being said, don't go out and buy because right now there's an almost overwhelming amount of evidence that the downtrend is going to continue.
Comment:
As expected SPY and the rest of the market got a beatdown. With that being said QQQ popped 3% today on the back of Apple. Will it last? For a bit perhaps, until the Fed rains on everyone's parade again.