AltamashPorbanderwala

AltamashPorbanderwala

SPY has setup a bullish ascending triangle on the weekly RSI and has just broken out of it and retested it successfully I think it is safe to assume 420 at the minimum and could push higher past it as well. Once RSI is in the overbought territory will have re-evaluate heading into Q2 and onwards.

AltamashPorbanderwala

Might be a big cup and handle pattern with the handle currently forming within the ascending triangle? The RSI is also making an ascending triangle. Not to sure if this will hold up tho just publishing it so I can keep a track of it.

AltamashPorbanderwala

The price action may be trying to form an inverted head and shoulders (currently in the process of forming the right shoulder). The RSI seems to be bullish and creating an ascending triangle seem to have completed wave D and now waiting on wave E which should be the breakout wave bringing the RSI hopefully into the overbought territory.

AltamashPorbanderwala

The chart says it all. Long till the RSI hits resistance then who knows if it going to break it or return back downwards. (Please leave a comment as I am trying to learn) Thanks.