Obviously this is a projection and may not come to pass. Take a look at the beautiful symmetry with time and price. If SPY does make it to the top of the channel, it would corroborate the fib. retrace. projection.
Sometimes I like to project the fib. to time and price confluence areas without using a fib. ext. model.
We also have a potential gap fill at the 61.8% retrace, after SPY hits the 228 on 12/19/16
Again, this is a forecast and projection, trade accordingly. For this scenario to happen, SPY would have to hold current support near the recent highs, but you can clearly see where that support is.
I am staying long NUGT, being it should be a higher probability trade imo...
Below is the 1 year 2 day SPY chart with current major cycle lows.