SPY In A Broad Bull Channel

The SPY, on the daily chart, is in a broad bull channel. Most recently, we hit a supply zone and began to pull back.

If we follow the rules of supply and demand, we are likely to see another bounce off one of the demand levels marked below current price.

My exepectation is that we'll continue in this channel until we reach the weekly supply, and then we'll begin another descent.

Comment:

There was a gap down today, and my presumption is that it will continue in this direction over the next few days.