Hello Friends,
AMEX:SPY has shed a lot of value in a week but there seems to be some good news if you're looking for a very short term bullish trade. We will have to understand supply/demand levels on multiple time frames.
In a daily TF, Price opened gap down, approached a daily/weekly demand zone and closed within top 33.3% of a candle range(Bullish Pin bar...
First of all, I want you to take a look at the volume indicator. As you can see, we have huge bullish volume!
On the daily chart, there is a descending parallel channel that has been destroyed by the bulls recently.
Also, there is a local symmetrical triangle that looks like it is also breaking out, so we have a double breakout, which is nice to see!
Impulse...
I have been watching this channel on the logarithmic chart for Tezos for almost a year now, and at least thus far it has consistently bounced near the channel bottom which is currently approaching.
It looks further possible that a bounce might occur based on bullish reversal divergence on the daily chart for both MACD and RSI.
The bounce will likely be dependent...
