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.


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


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


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