SPDR S&P 500 ETF TRUST
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SPY repeating similar pattern.

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I believe that spy is repeating a cycle, it has a lower high and is overbought on all indicators.
Nota
Cycle 1 is measured from the moment SPY touched the support line. Coincidentally the length of Cycle 2 is the same as cycle 1. So I suspect cycle 3 to do something very similar.
When each cycle has a lower high, that's when it starts trending towards the support line.

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