SPY breakout attempt Number 1

Breakout attempts can happen without any triggers but when a trigger appears and coincides with market bottom, then there is an agreement and slight trading conviction that may be worth considering into the last half of the year. There is a daily wolfe wave setup that triggered on June 21 closing day at 3767.75. The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the green perforated line, as shown in the chart. The projected target is 4332 which is expected to reach this price target before Sept 30. Projected targets are defined by identifying the apex of the wolfe wave and projecting a vertical line toward the green perforated projection tgt which is extending from left to right.