- Pink . I believe this is a strong , having three points of contact on each side. As we know, this is a , but it is contained within the green channel, so my first downside break target would be to that green . Second is to previous (short term) low, and last is to purple support/200SMA.
- Green and Red . These two really are cancelling each other out and forming a pattern. While it looks like it could be a symmetrical triangle, the angles are actually +26 vs a -13, making it a weak , meaning it is still , just the probabilities are not as solid as they would be if they were more obvious.
50 acting as resistance. This is , until of course it breaks.
MACD: It looks like there is no current divergence, but the last divergence was and may be still working itself out.
Volume: (Check SPY for proper ) All of the rises are on weak , the falls are on relatively strong . I will post a screenshot of this if I don't forget... in nature.
pattern potential, as shown via red lines.
I am shorting until this breaks through the upper red resistance line, although there is an argument to be made that you could short all the way to 2790, but that doesn't work with my trade Risk/Reward. I am averaged in around 2725 ( SPXS ), and my three target levels are shown.
If we breakout above the 2800 level, I will be long, as I have stated in my Most Simple SPX chart.