Inverted chart. SPY has been bouncing back and forth inside this pitchfork. The volume profile marked with red circles shows the areas of high volatility demarcating the tops which we should be very close to. Weekly doju candle, not shown here, is also another indicator. Our current resistances are the 430 and 450 as shown on the graph. We might see another dip on Monday before a rally but it should be brief. At the end, make sure to have your stop loss tight as the market volatility is at extreme levels. Our previous NVDA call turned upside down due to market volatility so make sure to be safe than sorry.
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This could be our last rally before capitulation. Be sure to jump out of it as soon as you see resistance around 430 or 440 max.
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Took a little longer than expected but the bounce is here.
Very cool! I usually use SDS to do this but I forgot you can invert the chart haha. Thanks for sharing! Also it kind of looks like inverted head and shoulders and on SDS is looks very much also cup and handley. I think a bit of pull back (up on SPY is likely followed by a break out (down on SPY) to the downside. Thanks again! Really cool!
clay816harris
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i agree also! great job.
dynasty2059
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I agree, great analysis. Helps to look at the chart inverted sometimes.
Thanks again! Really cool!