SPY
Bull Flag 4 Hour Chart, A bull flag is a technical analysis pattern that often signals a continuation of an existing uptrend. It is considered a bullish pattern and is identified by two main components: 1. **Pole (Flagpole):** The first part is a strong, upward price movement called the pole or flagpole. This represents a rapid increase in price over a short period.
2. **Flag:** Following the pole, there is a consolidation or retracement, forming a rectangular-shaped pattern known as the flag. The flag is characterized by a series of lower highs and lower lows in a relatively narrow price range.
The pattern suggests that, after a strong upward movement, traders take a pause to consolidate their gains, causing a temporary pullback. However, this consolidation is seen as a period of rest before the upward trend resumes.
The breakout from the bull flag typically occurs in the direction of the initial trend, leading to a continuation of the upward movement. Traders often use technical analysis tools such as trendlines and support/resistance levels to identify and confirm the pattern.
I still expect another dip before Christmas to buy into. The Santa Claus rally starts on December 21 and lasts until the first week of the new year. Our support blue line level in the chart will be key to seeing how the price moves