SPY Head and Shoulders

Strong resistance if we go as high as 279. I don't think we will get that far past the 200EMA though. Either way it looks like a head and shoulders setting up.

On the monthly candle we have a consolidation forming which if it broke out would indicate a 20.26% Drop by august.
The red trend line is a similar pattern I called in November. I never posted it here cause I posted it for subscribers on Patreon but I did post the same drop in SPX on here on Nov 30th.

This breakout wouldn't be for at least a month, we could see a breakout in March but the price would have to close below 270.47 at the end of the month and remain below that level for all of March.