SPY moves in harmonic waves, bound by the upper and lower arcs.
The tangent line marks the resistance line through that arc, and gives an idea of when the drop to the bottom of the arc will occur.
3 small arcs inside each medium arc, 3 medium arc inside each big arc.
The current trendline goes from the gap up Friday to the end of the 3 arcs (EOD Thursday to EOD Friday)
The tangent line marks the resistance line through that arc, and gives an idea of when the drop to the bottom of the arc will occur.
3 small arcs inside each medium arc, 3 medium arc inside each big arc.
The current trendline goes from the gap up Friday to the end of the 3 arcs (EOD Thursday to EOD Friday)