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imzeeshan

SPY getting ready for breakout

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
imzeeshan Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators SPDR S&P 500 ETF (SPY) wedgebreakout
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trendanalysis chartpattern indicator spy wedgebreakout
SPY is trading in a wedge pattern on 5min & 15min chart and consolidation is in process at the 0.382 fibonacci level. A breakout to 280 on the upside and 270 on the downside based on volume is likely to happen within a few hours.
Comment:
SPY transitioned from wedge to rising wedge (bearish) pattern.
270 looks more likely as volume continues to decline.


snapshot

more on Rising Wedge pattern:
stockcharts.com...school/doku.php?id=chart_s...
Comment:
Rising Wedge breakout downwards as expected.

snapshot
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