Since reaching new highs in Feb, SPY has been correcting, with primary or intermediate wave A)) down, wave B)) up, and now wave C)) down. I believe this C)) wave is not complete yet, and is subdividing into 5 waves, because the rally off the April lows, labeled intermediate 1), doesn't strike me as impulsive. So I'm labeling the April 18 swing high as intermediate 2).
I believe today's 5 wave downmove, labeled minor 1, is complete and I'm looking for minor 2 up on Monday. When that is completed we should have a strong down move. A move above the intermediate 2) high, 271.29, negates this scenario.
I believe today's 5 wave downmove, labeled minor 1, is complete and I'm looking for minor 2 up on Monday. When that is completed we should have a strong down move. A move above the intermediate 2) high, 271.29, negates this scenario.