SPY Update: Are we finally headed down for B of 5

In my post last week I said, "I could see OMH to tag the 1.786 and that being the resistance that finally pushes us lower for traders to collect profits and shares to trade hands". Well yesterday that is exactly what happened. We hit $1.51 above the 1.786 and then started to move lower. So far we have a 5-wave move down which could either be an a wave of some degree, or just the 1st wave of the a wave down for B. This should be a larger 3-wave move down to the target box. Don't forget though, the first wave down for this move can either be a 3-wave or 5-wave move as a waves of any degree can be either or.

Regardless of if it is an a wave or wave 1, I expect us to move higher again tomorrow for either wave 2 or wave b. Both of which can be unpredictable in nature. They can either be shallow, deep, long, or short. If it is a wave 2 then it CANNOT breach our high of $503.50 under any circumstances, whereas b waves can move slightly above the origination of their respective a wave and still be valid. I would expect this to hit the $498-$500 area before falling again if it is to remain standard.

Without confirmation, this could technically be another wave 4-5 finishing out. Looking at structure and MACD, I don't expect this, but it is possible and something we should keep in the back of our minds. I have alerts set so when we break either resistance or support, I will try to update.

Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.