Afternoon Update

Here's the chart-1 minute 3C of the SPY

You can see an ascending triangle, which is bullish, but it's in the wrong place, it's a consolidation pattern found in an uptrend not a downtrend as we have here. Also even in an uptrend during a primary bear market they often fail. However 3C is now in a leading 1 min positive divergence suggesting a leg higher intraday, the 5 min and longer are still solidly negative. My guess is that this pattern is taken by traders as a downside continuation pattern which would draw in short term/day traders on the short side as it breaks the lower resistance line, that provides some future buyers to help move price up as they will likely be forced to cover if prices breakout above the top resistance trendline. This is a miniature version of the Judo Concept.