Multiple top in progress for High Yield Bond.

A +5 year top formation¬†in progress for SPDR Barclays Capital High Yield Bond (JNK:ARCA). I’m looking at two breakdown lines. One which is a +3 year top formation within the bigger pattern. The second is the bigger pattern itself. Check out the monthly candle chart. First target coincides with¬†the breakdown line of the bigger pattern at 34. Will need a monthly candle close below 38 to confirm. The second target would be 28. Again, a monthly canlde close below 34 is required to confirm that massive move, which would bring us near tht ealry 2009 lows.

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Here is the 5 year weekly candle chart. Some noise below the first breakdown line. Check this post on how to avoid “noise”.

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Zoom in on the 1 year daily candle chart. Price action testing the first breakdown line.

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I set my alerts and will come back to this once trigerred. Maybe this months candle close can confirm me the next target!

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