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January 14:  The setup in the chart predicts that the price of SPY is set to reach 337.79.  This is based on the lows and highs marked as 1, 2, and 3 on the chart.  The buy trigger is marked with a green line.  The 50% level is marked with a blue line.  The obvious magnetic attraction of price to the buy level and the 50% level plus the decisive moves above those levels support the validity of this setup.  The 100% level at 337.79 is pulling the price up.  

January 25 update:  The high to date was 332.95.  Price fell to 328.77 January 24, which was blamed on news events.  We will watch to see how this longest and most overvalued bull market unfolds.

February 1 update:  Price is at 321.73 and still looking bearish.

February 4 update:  The 50% level has held as support while price today was up 1.5%.  The 100% level remains in play.

February 12 update:  Price reached 337.28 so far today at 10 am.  This is close enough to our 100% target to call it.  Universal oscillator is showing a bearish divergence at this point, so that in combination with reaching the target shows that this can be either a good time to take profits or tighten stops, or partially do both.