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DESCENDING CHANNEL

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Parallel Channel
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parallelchannel
A channel is drawn from trendlines charted along the support and resistance levels of a security’s price series. In general, channels can be used to pinpoint optimal support and resistance levels to buy or sell securities. Overall, channels are used broadly by technical traders to identify and follow the trends of securities over time.
A descending channel is one such charting pattern that technical analysts will use to evaluate the trend of a security.
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