Possible pullback on Spy to 490

The green channel is the daily channel on spy and the blue channel is the weekly channel, spy has hit weekly channel resistance around 414, if it gets rejected there and if we break out of the daily channel to the downside, we can trade lower to support around 490. The trend has been getting weaker, the last couple of weeks, a break of a green channel will be a confirmation for the pull back to 490