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SPY Weekly Chart - Next Leg Down?

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SPCFD:SPX   S&P 500 Index
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The weekly chart would indicate that if we continue in the current channel, that our next move most likely will be down through March and into April of this year. This would be a 5% pullback or 43% APR , 15% retracement if you use a 3x ETF like SPXU .
The other potential option is that we break out of this channel to the upside. We came into the channel from the top and mostly often you exit in the direction and in this case, down.

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