SPY Descending Triangle Intermediate Term Pattern
I'm suggesting this is one version of two that I have about the possibility that this is the start of a descending triangle pattern. Because it's a longer term pattern, that gives us opportunities within that time if we can identify 1. If it's actually a descending triangle (can only know on the next low) and 2. Figure out which one of my two charts marks the swing high (current rally high).
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Mind you, I only drew that Upper Red Line based on the apex and the high. It may be off a bit since I only had the High and the Low of the range to work with.
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SPY about to drop. Currently $278.50. Just wanted to toss that out there.
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Anybody Still following this?
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Let's see if the chart still holds up 2 months later. Interesting action this week.