SPY- The Elliott Wave Breakdown as Minor Wave 1 Progresses

Spy appears to be in an extended minute v))th wave of minor wave 1 up from the triangle completion - e. This v))th wave appears to have a bit more to go, as SPY still needs to complete minuette waves iii), iv), then v), which will complete wave 1, and usher in the wave 2 correction.

As can be seen on the chart, SPY is in subminuette wave iv, which should be near completion. Wave v up will complete minuette wave iii).

Comment:

Comment redone trying to get rid of some of the annoying automatic annotations:

Spy appears to be in an extended minute ((v))th. wave of minor wave 1 up from the triangle completion - e. This ((v))th. wave appears to have a bit more to go, as SPY still needs to complete minuette waves (iii), (iv), then (v), which will complete wave 1, and usher in the wave 2 correction.

As can be seen on the chart, SPY is in subminuette wave iv, which should be near completion. Wave v up will complete minuette wave (iii).

Comment:

As SPY has moved below the peak of wave i, it's necessary to adjust the count. There are a few possibilities, but I'm going with a failed wave v, iii), and SPY is now in wave iv), instead of wave iv. So basically the degree has changed from subminuette to minuette. This count is valid as long as 281.18 isn't violated, and brings wave 1 a step closer to completion.

Another possibility is that SPY has another i-ii.