Welcome back traders! Here we are once again on the 1 hour chart for the SPY, I prefer to look at smaller time frames to get a better idea what's happening behind the scenes, because you can look at longer time frames but miss smaller details going on. So what we see here going on today on the SPY is...
1. it indeed fully rejected my blue box as I had said before, then fell down and bounced off the bottom of the smaller descending triangle
2. After that rebound it ONCE AGAIN tried to break through my blue box, but this time couldn't even break into it!
Now I forgot to mention last week but I could sort of see this coming being the blue box I set up on the MACD, the averages were coming back down and were just boundddd to bounce off, sure enough they did, went bullish for like 1 candle and that was that.
Now it has broken through the cloud here on this chart so I'd expect some continued but jagged upward movement, such as I illustrated with my blue lines I drew bouncing off the descending triangle. I see this action happening but remember if we see this continued bullish movement we still have our much larger descending triangle that we are still trapped in. Till we break out of that will I personally say that we're once again bullish on the long run.
As always good luck & safe trading my friends! Till the next one!
1. it indeed fully rejected my blue box as I had said before, then fell down and bounced off the bottom of the smaller descending triangle
2. After that rebound it ONCE AGAIN tried to break through my blue box, but this time couldn't even break into it!
Now I forgot to mention last week but I could sort of see this coming being the blue box I set up on the MACD, the averages were coming back down and were just boundddd to bounce off, sure enough they did, went bullish for like 1 candle and that was that.
Now it has broken through the cloud here on this chart so I'd expect some continued but jagged upward movement, such as I illustrated with my blue lines I drew bouncing off the descending triangle. I see this action happening but remember if we see this continued bullish movement we still have our much larger descending triangle that we are still trapped in. Till we break out of that will I personally say that we're once again bullish on the long run.
As always good luck & safe trading my friends! Till the next one!