SPY Update (weekly)
I have two scenarios, "At the Crossroads", to cite an old Robert Johnson song. The black ABCD pattern is negative, and assumes a trend back down to the center of the down channel created last year. The green ABCD assumes an uptrend continuation. Note that on the weekly, we have posted a hammer which rests above the Gann confluence line (positive). Both targets are a 1.27 extension, common for Gartley. RSI(12) on the weekly is 53.93, and has "Room to Move" (an old John Mayall song). Right now, I'm leaning toward the uptrend target, which stands at 425.58. The only word of caution is that we still sit below the cloud, which is considered resistance.
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