Cup and handle pattern (SPY)
Shared this in my video released on Sunday:
“Something that bulls can potentially cheer about is that the cup and handle bullish pattern seems to be taking shape. So if SPY can bounce off from this point, or maybe from the support level of 385, then we could potentially break above the trendline, and retest the psychological level of 400 and Dec’s high at 408.”
Update: nice rally we have now.
What i will be watching next: some form of retracement from SPY to retest the downward trendline, and see if it holds and bounces. If it does, next target will be 408. Once that breaks, bulls are in control, untill some sh*t happens again ![]()
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Successful investing is about managing risk, not avoiding it. DYODD
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Silverbat : Buy buy buy
dwarrior : Likelihood of a bull trap or double top?
Cow Moo-neyOP dwarrior: Can’t tell yet. It’s looking bullish at the moment. Will have to see if it retraces back to test the downward trendline and 200 MA, and whether it holds or not.
Even if this rally continues, i would think it’s wise for bulls to take profit at 408 as that’s the level which it could potentially form a double top. But if we break above 408, bulls are in control.
Hence bull traders will have to assess whether they want to take profits soon, or let their trades run with some risk but potential higher returns.
Things should get clearer the days go by leading up to FOMC