Like the Areosmith song, "Back in the saddle again".. which is an ironic personal story. Many years ago I was in a rock band with Otis Redding's nephew. We went pretty far, played LollaPalooza, and all over the US opening for headline acts. However, the Aerosmith connection was in the fact that Tommy Mattola who was the head of Sony Records, set us up with one of two of AeroSmiths songwriters, Richie Supa. At the same time, Jermaine Dupree was producing our recordings-talk about an eclectic mix and at the same Studio Aerosmith recorded in. Some interesting tidbits you probably didn't know about me. Maybe I'll post a picture one day, or maybe not.
In any case, as I've suspected, the SPY is back in the triangle which now raises the possibilities of that false upside breakout, but even if we don't get the upside breakout of the triangle, the very fact the SPY broke the triangle and is now back inside has most likely created a lot of frustration for shorts and will most likely soon cause frustration for longs buying this move.
The daily chart.
The 1 min chart, with a slight negative divergence, we could see some dipping above and below the trendline in a pullback scenario, but if it materializes, it should be short lived.
Here's the 5 min positive divergence, the most recent one looking better then the first by way of lower prices now and a significantly higher 3C divergence. So far the plan is coming together.
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