Pavley

Inverse Head and Shoulders

Long
AMEX:SPY   SPDR S&P 500 ETF TRUST
As mentioned in the title, a possible INVERSE head in shoulders may be in play. What would need to happen is a price action very close to what I have drawn in red on the right shoulder and a retest of the neckline at around $430 resistance. If we can get these two things, I am confident we will have a breakout and a retest of the $452 resistance and gap fill level (with a brief resistance at $438. I will personally consider longs at $420

PG13