A pattern which for now is being described as a bat pattern until someone comes up with something better has been observed previously and now what appears to be a larger version is forming. SPY has repeated the "W" pattern many times during the Covid bull market but the most recent instance of such a pattern failed to continue the rally. This perhaps signals the end of the "W" pattern bull market days of SPY and if this 2nd pattern plays out then perhaps we've entered a different phase characterized by repeating bat patterns. If this pattern is to complete, a new high will be put in, and 500 is a logical target based on the performance following the previous bat pattern . There may be some more downside and a turbulent sideways zone before a reversal and a rocket up to new highs. Just some things to watch out for. This pattern can be classified as an inverse head and shoulders pattern but due to its peculiar, sinister shape, it is being referred to more specifically as a bat pattern.
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Looking a bit more dippy than anticipated, bounce needs to come soon or this idea is bunk.