There is a triangle forming. The indicators are showing that there will be downward movement. I suspect it will hit 61.8% Fibonacci retracement, but essentially it could go lower than that.
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I should have updated this last night but I was tired. This is WRONG! There is no triangle here. I looked at the weekly indicators and they are showing a downward movement already so we may see the SPY decline before the fed meeting with the Fed meeting being positive and creating an upward movement.But this chart is wrong so I will close it. I will possibly create a new chart in the future.
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