nmike
Long

SPY 30 min channel update

AMEX:SPY   SPDR S&P 500 ETF
504 4 5
AFTER A MINOR CORRECTION TO THE .236 FIB level, SPY             is back in the 4 month BULLISH CHANNEL .If it breaks KEY RESISTANCE, the next target is the top of channel boundary.
..believe it or not that red top downward channel is almost exactly as the bottom red channel,that's why I like the CLONING technique...
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>>>>ALERT>>>>SPY has broken passed the bottom of the 4 month upward channel.This was the second attempt to resume the upward climb,second attempts usually fail..My targets are now revised to downward targets of 142.32.If that doesn't hold the next target
is139.17 or the bottom of red channel.
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>>>.....$142.32 FIB.level target reached,now let's see if it will go back into the yellow upward channel...
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