this is is a tutorial/analysis on $SPY. We see a Head and shoulders pattern. This pattern is mostly known as a
(BEARISH CHART PATTERN)
This pattern occurs at the bottom of a downtrend and is identified by three-peak formation with the center peak, or high, forming a higher high than the other two. The neckline is a trend-line. that is drawn across the intervening lows and should be horizontal or upward sloping to the breakout area. There should be a degree of symmetry between the formation of the two shoulders and the head.
(BEARISH CHART PATTERN)
This pattern occurs at the bottom of a downtrend and is identified by three-peak formation with the center peak, or high, forming a higher high than the other two. The neckline is a trend-line. that is drawn across the intervening lows and should be horizontal or upward sloping to the breakout area. There should be a degree of symmetry between the formation of the two shoulders and the head.