Potential Long Term Bearish Butterfly Pattern in SPY

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The SPY is literally within inches of a key final fib resistance level (181.93) that would define a potential turning point level on the long term SPY chart.

The large potential bearish butterfly pattern encompasses the entire 2007 to 2009 correction as well as the entire 2009 to 2013 mini bull market.

Because the size of the pattern is so large, any potential top in the market is likely to take several weeks to a few months.

If the 181.93 level is violated significantly to the upside, then it could imply a market that wants to ignore this pattern and go much much higher.

However if 181.93 is respected, then look for signs of market weakness and churning and price failure.

More price data is needed (a few months) before any final verdict can be reached.
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