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The_Cannalyst

Wedge & Candle =TOP?

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SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Support and Resistance Trend Lines
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trendanalysis supportandresistance trendline
The Breakout is still in full swing, but with yesterdays candle i am afraid of upcoming weakness these days.
The RSI is nearly overbouht and SPY is forming a bearish wedge. If SPY would come back to kiss its former breakoutlevel that would be healthy. But SPY should not fall below the former Breakout-Level. Here i see the risk, that we will drop down into the Fibo-Cluster.
Komen:
hmm..in the shortterm view it seems still to be bullish..
snapshot
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