SPY in a downtrend? Where's Top? THE ANSWERS!

Chart: SPY 2 week TF. The answers are both in the chart and below. SPOILER: If SPY rallies to $800, the downtrend is still valid.

Interesting:

• A downtrend is defined as LOWER lows (LL) and LOWER highs (LH). Uptrend? as HL's and HH's. **
  
• A single HIGHER high (HH) invalidates a downtrend trend in that TF.
  
• Trend is relative to TF and can be valid in one TF but invalid in another.
  
• A HH is established when the previous HH is superseded by a new candle's _____________ (fill in the blank).
  
• Answer: It's the new candles **close** that takes out a previous high, **not** its own high. Once that condition has been met the new High is promoted to the status of HH.
  

Important:

• SPY's 1 week down trend was invalidated when the HH of $393.16 established on the 28th of June, 2022 was taken out by the close of $395.09 on Friday, July 18th, 2022.
  
• Chart: 2 week downtrend is still valid and the current 2W candle closes in 5 days. (8/12/22)
  
• The trend remains valid if that close is below the previous HH of $417.44 established on June 2nd 2022.
  

Very important:
*** The high of (this) week is not relevant to the 2W downtrend. Only the candle Close on Friday (8/12/22).


Implication (not opinion):

• If SPY rallies to $420, the downtrend is still valid.
  
• If SPY rallies to $500, the downtrend is still valid.
  
• If SPY rallies to $600, the downtrend is still valid.
  
• If SPY rallies to $800, the downtrend is still valid.
  

... *as long as* price falls back to $417.44 by EOW.
The point: ... idk. Ask me in 2 weeks.

Where is "top"?:
It's the price where the last bear goes long (aka covers). In other words when there is not a single buyer left.


** Starting with Homma Munehisa, (1755) The Fountain of Gold—The Three Monkey Record of Money.
to the more contemporary: Al Brooks, (2009) "Trading Price Action Trends"
.. and everyone in between.