This is an update to my earlier SPY analysis published 3 months ago where I incorrectly counted 5 of B as complete. A triangle began at that time leading to the conclusion that this final thrust is the real v of 5 of c of B preceding the devastating C retracement to ~600 (this is C of the expanded flat ABC begun in 2000).
Loss of monthly momentum confirms the weakness of this "phony" B rally on weak accompanied by record optimism and extreme overvaulation. We should see 600 SPX between Oct 2016 and Jan 2021.
Button down the hatches!