SPDR S&P 500 ETF TRUST
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SPY channel reversal projections

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This method of channel projections seems to work consistently on any time period. Previous trend line breaks seem to react as support in the future. Just because it breaks above a trend line doesn't mean it won't react later. Consider it breaking into a channel that doesn't exist yet. That trend line can be projected onto the highs in the shifted over down trend to identify the possible new channel.

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