SPY monthly update

5 mars 2013

I have drawn a reference channel using the 3 pivots as shown on chart, then I cloned it. I also drew a box from the bottom of reference channel to the SPY TOP of 2007. Looking back, you can see that SPY turning points happened at or close to channel boundaries. Now, since we no longer have an historical pivot high we can now use the cloned channel boundaries as future price targets and as likely support points going forward.One interesting thing is that if you draw a trend line along reference channel bottom and then you clone it, the Tradingview software automatically finds the next pivot and duplicates that distance going forward, nice.Fibonacci levels are a great addition to cloning.