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SPY Monthly Chart - Testing 23% Fibonacci Level

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
spy
The monthly chart of the SPY has a few indications that we may be in a correction that is more than just a short term one. I dont't think we can say we are in a bear market with the price below 2 of the averages but only 1 of the average in a downward slope but it is safe to say we are close.

- Lower highs and lower lows
- The 8EMA has crossed the 21
- The price action is testing the 23.6% Finonacci level

I would expect in the short a either:
- Rally up and test the 8 and 21 EMA averages
- A plunge below the 23.6% level with the next resistance levels at 50 EMA average and then the 38.2% finonacci level

I originally published this chart a few months ago.

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