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SPY 7 weeks consolidation

Long
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns
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trendanalysis chartpattern
On the weekly chart SPY has been consolidating for the past 7 weeks.

SPY marginally pushed up last week clearing the last 3 weeks consolidation zone.

Highest close of past 7 weeks is 319.34.

When SPY closes above 319.34 it can well challenge the ATH.

If above scenario unfolds then the 344.40 target comes into play.
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