SPY Selloff Half Way Finished

Weekly EMA 50 and 200. Throughout the recent bull market the 50 week EMA has served as support. In the event price breaks down decisively past the 50 week EMA, noted on the chart with arrows, the price of SPY will rally to re-test the 50 EMA and upon failure fall to the 200 week EMA. In February price decisively fell through the 50 EMA support and has since re-tested and been rejected. I believe SPY has a very good chance of falling to $268. Whether it is a buy at that level depends on whether support is found. If price breaks down decisively past the 200 week EMA then god knows where the bottom is.