FractalTrader

Possible upside break out of consolidation underway

AMEX:SPY   SPDR S&P 500 ETF
165 2 1
Over two weeks ago, I posted "Is it a top? I doubt it" with the notion that the market might still make another high. To me the chart still indicates higher. I've spent some time tonight looking through other people's technical analysis posted here, and I would say I'm definitely in the minority. The pattern in progress so far in 2015 is looking like a triangle consolidation pattern to me, and while the consensus seems to be a break down from here, I find that very unlikely. Triangles coming off a high like this tend to be a pause in the trend, rather than a reversal pattern.

I'm posting once again a neutral bias here since I'm not confident enough in new highs to be totally dogmatic. I'd say this is a good place to start positioning for a downturn or simply doing nothing while the market chops around.

I will change my view to bearish in the event the 182 level is threatened, indicating a higher degree pattern likely will be unfolding.
ChartArt
2 years ago
It's always good when you are "definitely in the minority" as learned with trading Bitcoin so far and following Tradingview trader sentiment. The big moves are always the ones only a minority expects. I'm also expecting a bullish move upwards the next weeks that's why I'm also going through lots of charts made by others.

Greece as topic could fade into the background for the next 1-2 weeks and the price could start to rally and then before the Greece showdown comes back into the spotlight some magic solution everyone can agree on will be found for their problem and the rally is going to continue after a dip during the showdown phase.
+1 Reply
ChartArt ChartArt
2 years ago
Here we go. Up, up, up :) The minority had the better forecast so far :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out