$SPY Does it Need a Bigger Correction?

I have zoomed out to larger timeframes on SPY to come up with some larger / longer timeframes. Here is what I started with; the weekly chart (shown) then zoomed out to the Monthly Chart (not shown) to draw the February 2009 trendline. I came back to the weekly to find the March 2020 trend. I then looked that the latest run starting in October 2023. That trend line is almost parabolic and was unsustainable.

I am not making any prediction here, but it would be prudent to have a plan for a larger correction. I have horizontal lines near the top of the chart that were drawn using the daily chart and it is possible that one of them (or none) could be support areas. It is all to be determined. Keep an open mind. Corrections can happen in price or time or a combination of both.

I would like to point out that on any of the charts that I post I am only correct about 50% of the time. My posts are more about self-accountability than anything else. However, I do hope that you find some value in the technical aspect of the posts.

Thanks for looking.

Comment:

SPY is bouncing today. Have we made the low and will continue higher? I don't know. Foe now it looks like it found some support near the horizontal lines I drew in on this daily chart (referred to in the weekly above).

I have also attached the Oct low AVWAP to this daily chart. We will only now where support was/is after the fact.

For now I am still flat the market in my trading account. Lots of earnings coming up this week that can move the market.

Comment:

SPY Looks like it is trying to hold the line here. It is early in the day but it looks positive given the economic news.