Spy Double bottom Handle?
The area I'm showing here is one big double bottom.
The area I have outlined in white has formed a bullflag like I mentioned in my previous post.
The thing with these Double bottoms is they usually have pullbacks or handles to the conformation line.
One obvious clue is Volume! Volume has been really thin on this pullback. Sure NVDA, NFLX,Google,META,TSLA all pull back but they were due for a pullback. But look at Apple, Apple is forming a bullflag on the hourly similar to the spy ;I posted on my Twitter about this.
With that being said, if we don't break that blue trendline support there is a very high chance we see 430 before march via this bull flag.
If CPI comes in hot and the reaction is bearish ,
Watch for the break in that blue trendline . Any break in support should have high selling VOLUME to confirm reversal.
For those of you who are still confuse of a double bottom pull back to for a handle , take a look at MSFT chart and you'll see a double bottom. Look at the action on Feb 3rd and 6th, those two days msft pulled back on low volume then rocketed 10% .
The area I have outlined in white has formed a bullflag like I mentioned in my previous post.
The thing with these Double bottoms is they usually have pullbacks or handles to the conformation line.
One obvious clue is Volume! Volume has been really thin on this pullback. Sure NVDA, NFLX,Google,META,TSLA all pull back but they were due for a pullback. But look at Apple, Apple is forming a bullflag on the hourly similar to the spy ;I posted on my Twitter about this.
With that being said, if we don't break that blue trendline support there is a very high chance we see 430 before march via this bull flag.
If CPI comes in hot and the reaction is bearish ,
Watch for the break in that blue trendline . Any break in support should have high selling VOLUME to confirm reversal.
For those of you who are still confuse of a double bottom pull back to for a handle , take a look at MSFT chart and you'll see a double bottom. Look at the action on Feb 3rd and 6th, those two days msft pulled back on low volume then rocketed 10% .
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