I isolated 2 major swings and a smaller reference channel C swing and then I CLONED them. As you can see SPY is setting at just about all 3 CLONES top boundaries. It will be interesting to see if a confluence of forward CLONES top boundaries will be hit in the future. I will start adding more CLONES if SPY can clear the red line resistance and all 3 CLONES top boundaries. If this is indeed the top and SPY begins a prolonged correction we could see SPY fall to bottom of CLONE C3 support as 1st target.
Hi nmike! I'm fascinated by your CLONE-technique - it's really adds up On the other hand I find it difficult to work with SPY due to the difference of SP500. It seems like they not move alongside each other. Does it make a difference.... hmmm? I agree there is a symmetri in it all to be watched each time a chart is pulled up.
@KevinT, since this is a weekly frame, we should wait til Friday to see what candle pattern forms at this confluence of resistance or support area