SPY EFT ... Channels within Channels
The SPY ETF has traded within a well defined channel since the beginning of 2022.
Within this major down draft, a more acute channel has been in evidence for the past 2 months. (shaded rose)
Looking at this from a harmonic perspective and bearing in mind that this is a 2 hour window, I see evidence that a cypher pattern is developing with may provide a counter rally to the 430 area and the top of the recent channel.
Overlaying a pitchfork (Schiff) with using points 1,2, and 3 we are able to contain most of the price action except the past several weeks but this is contained in a 1.5 outer edge extension (shaded gray) which has jumped back into its the original fork.
Harmonic projections while less accurate, are often useful.
Bottom line: I am looking for a little luck and a counter trend rally to the 430 area.
Two caveats.. we need to take out the two 2 horizontal lines (approx. 404 and 407) fairly soon and my momentum indicator in the lower pane needs to be rising/stable and not falling.
Therefore I am waiting for a breech of the two marked blue horizontal lines as a go long signal.
This is educational not investment advice.
Do your own due diligence while watching the bigger picture and review world events as they evolve around you.
This can be a fast and volatile market taht takes no prisoners.
Good Luck and thanks for reading.
Hopefully you found it this useful.
S.
Within this major down draft, a more acute channel has been in evidence for the past 2 months. (shaded rose)
Looking at this from a harmonic perspective and bearing in mind that this is a 2 hour window, I see evidence that a cypher pattern is developing with may provide a counter rally to the 430 area and the top of the recent channel.
Overlaying a pitchfork (Schiff) with using points 1,2, and 3 we are able to contain most of the price action except the past several weeks but this is contained in a 1.5 outer edge extension (shaded gray) which has jumped back into its the original fork.
Harmonic projections while less accurate, are often useful.
Bottom line: I am looking for a little luck and a counter trend rally to the 430 area.
Two caveats.. we need to take out the two 2 horizontal lines (approx. 404 and 407) fairly soon and my momentum indicator in the lower pane needs to be rising/stable and not falling.
Therefore I am waiting for a breech of the two marked blue horizontal lines as a go long signal.
This is educational not investment advice.
Do your own due diligence while watching the bigger picture and review world events as they evolve around you.
This can be a fast and volatile market taht takes no prisoners.
Good Luck and thanks for reading.
Hopefully you found it this useful.
S.
ملاحظة
I have redrawn the ratios using the correct TV tool.ملاحظة
Getting closer to cracking the second blue line and I worry about the indicator in the bottom panel rolling over... still in wait mode.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.