lots of similarity to 2011 action. This can go either way. If we blow off top to new highs, then we're looking at a deep correction. If we hold here and consolidate, market is probably looking to start a new bull cycle.
I'm still long but watching carefully. A failed breakout to new highs will be a significant red flag here. The weekly action on SPY last few months resembles the 2007/2008 action. Something to keep an eye on
I draw the lines where I have most confirmation pts.
Negated rising wedge but still channel bound.
Expect res at 47.8-48.2 range.
Bull biased and I think once it breaks over that blue channel
we see a GPRO like move (IPO action)