SPY CHART ANALYSIS: The Market is at a Very Dangerous Point.

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The market has reached a particularly dangerous turning point as we see that indices are finding it very difficult to resume their previous uptrend and apparently want to turn bearish again, triggering a sharper correction. How low could the indices go if they actually correct? Would this be just a correction or a real bearish reversal structure?

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High Nathan,

Can SPY drop to the bottom of the blue channel line and still be on the up trend?
If so, it can still drop more and still be bullish?

brentfong