SPY weekly CLONING analysis
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.