No one, or I should say most traders don't believe this rally. I too am one of those skeptics. AB-CD pattern I have drawn has little room for error here. If we surpass and close above 169.05, this pattern is no longer valid. I have been waiting to short this quick market turn. Today or Monday may present an area I feel comfortable buying puts for July. I like the July 26th 160 Put OTM options. If you follow my lines of symmetry from previous market drop, we should bounce near 162/163. This is the area I plan on taking profits and awaiting next area to buy puts for the larger follow through drop to 157-159
Per JR request, this is what I have mind for my outlook on SPY/S&P, and I applied and built my ideas onto JR's chart here. Basically, I just ignored the $169.XX high and used to $167.XX as a reference point resulting a smaller movement-swings in fib and etc. The $167.XX just seem more natural for the market to achieve, so this change allow other pricing targets to be more realistic to me.
In any cases, I am agreeing with JR's chart here! We seem share similar strategies and outlooks from time to time, so we tend to bounce ideas like this at the live chat. Join us!