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This pattern isn't TA 101, but it's derived from my own studies of the market. It's a topping pattern, and it has the potential of developing on the equity indices here soon. First, some examples:
GOOG (2007)
DJI (1930)
MS (Last week, shorter term)
SMH (2007)
So the pattern follows a strong rise, a steep selloff, and then what we would call a double top, but it's a range and a failure to make a new high. This is a fairly reliable pattern. Here's what I'm seeing as potential on the SPY
If we retest 105 once and fail to make a new high above that bounce, and then we retest 105 again, odds are we will have more of a corrective measure going into the month of October.
Do note that this pattern is only potential, and if upside momentum continues, we won't have to worry about it.
(Disclosure, long delta, short gamma and some other crap)