In the chart above I have provided a simple analysis on SPY that takes into consideration channel confirmation estimated by using an average deviation in the two hour timeframe.
1. As you can see previous pennant support has been broken to the down side.
2. Forcing price action to fall down too 375 where price action has seen a STRONG DEMAND before in November.
2. With data from November, if price action is to be supported by 375 this would confirm sideways action is in play with a SUPPLY ZONE AT 390.
3. Channel up above our current one found support between 390 AND 405 so one can also conclude that SPY likes to move between a 15 POINT DEVIATION month to month.
4. Break down of 375 can push us down into the next fibonacci channel of 360 - 375.
1. As you can see previous pennant support has been broken to the down side.
2. Forcing price action to fall down too 375 where price action has seen a STRONG DEMAND before in November.
2. With data from November, if price action is to be supported by 375 this would confirm sideways action is in play with a SUPPLY ZONE AT 390.
3. Channel up above our current one found support between 390 AND 405 so one can also conclude that SPY likes to move between a 15 POINT DEVIATION month to month.
4. Break down of 375 can push us down into the next fibonacci channel of 360 - 375.
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