The Spy is going down before Christmas

The Spy is going down, probably this Thursday after the Initial Jobless claims or Friday after the US unemployment rate. (You can see this in some of the indicators I use) It will probably hit the 61.8% retracement or the 78.6% retracement during the week of the Fed Announcement. After that, you will see the market bounce up and down during the week before Christmas.

This is just a brief retracement as the weekly indicators are still showing an upward move. After Christmas, the market will move up again and into the beginning of the new year.

I did post a previous chart like this a few days ago, but I don't think my drawings and calculations were as tight.