SPY Is Forming a Wedge Continuation Pattern
The top channel is so flat that it almost looks like a rectangle pattern, but today's actions brought the SPY 0.15 above the channel strike it made on the 16th of June. So, strictly speaking, this has taken on the look of a wedge continuation pattern.
If this structure is valid, then that should be all she wrote. The puke into the close looked very promising. Coincident with today's action in the equities, the VIX, at the very same moment, bounced off of both an important trend line that has not yet been defeated since the crash, as well as the 200-day simple moving average.
If this structure is valid, then that should be all she wrote. The puke into the close looked very promising. Coincident with today's action in the equities, the VIX, at the very same moment, bounced off of both an important trend line that has not yet been defeated since the crash, as well as the 200-day simple moving average.
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To clarify, the top channel is so flat that it looks like it belongs in a rectangle, not a wedge. But, since both channels do, in fact, slope upwards, this is classified as a wedge continuation pattern.