SPY Channel Trade Possibility

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Thinking the 'look above and fail' could be in play here for the first few weeks of January. If we clear the 61.8 and hold, I'd say that's a good start. The 61.8 is currently at the confluence of the backside of the old channel. It could be that is a spot where profit taking will happen. If we have a 'lower high' situation then come back down and break the pivot low, that would indicate a 200 sma breach and my next target would be the bottom of the channel. Price will guide if we begin to hold above... the bull presses on, if we begin to hold below, we are possibly in a longer bear market/correction situation.

Note about the bear market- based on previous corrections - 16-28% correction possible from top.
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