All of the major levels we outlined the past few weeks have held so the following scenario is still in play.
We see 2 possible scenarios of which I believe the 1st scenario is more likely:
1. If the SPY can hold the ~189 level then the expectation is that we see the market work its way higher.
We now have 2 upside targets in the form of
An unfilled gap @ 199.73
An unfilled gap @ 196.46 which is an attractive short term target.
With all the sentiment in the media, I still hold that it's more probable that we see a move back towards to the upside surprising the majority of traders who have taken on positions.
My mid-term target continues to be the unfilled gap way up @ 208.32 which would result in a re-test of the symmetrical triangle.
2. Else if we break and close below the consolidation pattern to the downside, expect to see the ~189 levels.
If the ~189 level fails to hold then we can expect to find ourselves back at the lows of 182.40 with the following downside targets -
Unfilled gap @ 177.48
Unfilled gap @ 173.22