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.
Comments
nmike
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>>>>>> CLONE CONFLUENCE RESISTANCE playing out well.
nmike
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>>>> interesting price action at key resistanceS last few weeks
nmike
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KevinT
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I guess it's on the support line now?
nmike
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@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
nmike
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....... 3 resistance points points broken last week. If SPY closes above this CLONE trend line this month (Aug 2013) here is the next likely target tradingview.com/v/smIDiEE1/
nmike
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>>>> likely to test confluence clone and or red trend line resistance