SPY weekly - on shoulder support - 1/8/2016

Here is the overall picture. We can see one long term (solid blue) is broken which is significant. Good news is the right shoulder still holds. Once right shoulder breaks, it may quickly visit .236 Fib, or even .382 Fib - it would never be a straight line down, but the idea is the potential right shoulder breakage marks the definite trend change.

So we will watch the red line closely in coming weeks.