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What the close of the last two 12 month candle mean for the SPY.

The 12 month candle closes tomorrow which signifies a Dragonfly candle stick on what would be the 24 month chart. As trading view does not allow a 24 month timeframe. By adding these two candles together and what looks as a top of an uptrend demonstrates a potential reversal signal.

- A dragonfly doji can occur after a price rise or a price decline.

- The open, high, and close prices match each other, and the low of the period is significantly lower than the former three. This creates a "T" shape.

- The appearance of a dragonfly doji after a price advance warns of a potential price decline. A move lower on the next candle provides confirmation.

As explained nothing is certain until a confirmation candle.

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In fact over the next 12 months one might even suspect such pattern to be displayed.

By adding up the previous 24 month candles prior to the current one a Gravestone doji would of been printed and then a dragon fly with the recent 2.

So the potential for a push up to new highs and then another bear market and to potentially end up posting a doji or something similar may also be on the card. Due to macro economics factors looking glim.

Just a thought.
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