$SPX $SPY - Possible 2nd Historical Rally?
The chart is self-explanatory and I wanted to share my idea with everyone. I believe this was just minor pullback before another rally takes place. The teal line is plotted to the lowest price during the Jun 11th pullback and the highest point before the most recent September 3rd pullback. I cloned that line and plotted it again for the current dips low. I am lead to believe that by around November-December we will see some pullback occur if the similar pattern following June 11th occurs.
This chart can also be used as a resistance line for predicting future price movement. If you notice, price briefly went over the first teal line before dumping below it and remaining that way until the recent pullback. Something else to also note: July 23rd - July 24th experienced a similar pullback pattern as September 3rd but on a smaller scale. Price approached the teal line before dropping (-1.89%) in total between those two days.
What are your thoughts on my idea? Let me know in the comments!
This chart can also be used as a resistance line for predicting future price movement. If you notice, price briefly went over the first teal line before dumping below it and remaining that way until the recent pullback. Something else to also note: July 23rd - July 24th experienced a similar pullback pattern as September 3rd but on a smaller scale. Price approached the teal line before dropping (-1.89%) in total between those two days.
What are your thoughts on my idea? Let me know in the comments!
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