SPY Bull Flag - Resolve up or down?

The run up from the 134 level to 146 is a flag pole and the price action for the last 4 days is a bull flag or banner. Many times these are times of consolidation after a run and further run up is quite possible. The flip side is that we are at 6 month highs and a rest here is quite possible.

Looking at the daily chart of the SPY ( S&P500 Index) and I see two possible outcomes in the next day or so:

- We test the 144.76 level and break down through it. If we do, we could be headed to 143-144.
- We test the 144.76 level resist and break out of the downward channel to the upside.

Looking at the SPY intraday 5 minute chart below and you can see the downward channel in more detail.

I would think we are going to test the low 144.76, which could be the 5th leg of this current elliott wave . If we break up out of the downward channel , the 145.65 green line would be a resistance buy point. Would like to see a move above with some volume .


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