I want to reiterate several technical features I see on the S&P 500. I will use $SPY for this discussion.
- When we draw a channel (purple structure) from the COVID crash low through the 1/24 low, we can see that the market is attempting to recapture that (and so far has not been able to)
- The whole local structure (green structure) “looks” like a bear flag: parallel rails, 3-wave move in total (so far)
- I find it interesting that the measured move of the flag fills the almost year-old gap (and so for the time being, that’s where I think we are going)
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