The clear 3 wave corrective rise has completed with the entire rise accompanied by negative on balance volume (so more volume sold than bought). With the touch of the upward corrective channel and the initial leg down having completed a small 5 down, this looks like the beginning of the next significant impulse leg down that will likely extend to 1.68 the length down that we saw from the first impulsive wave down.
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The wave structure of c circle could also accommodate a small upward push to ~276 before turning down in iii ... and given the positive seasonal bias on Friday's this is entirely possible ... but not required.
Seems we have some agreement here, though wave counts may be slightly different.
I see SPY on a B wave of an ABC correction. Wave B may be an ABC or ABCDE type channel/triangle. Not sure I'm ready to count a large 5 wave down structure exactly as you do here, though if you are considering your 5 waves a large A wave down, I would not necessarily argue with that (that would be a very bearish implication indeed).
broughro
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@CryptoTA4U, I think that labeling the 5 wave decline as A of an ABC is almost as likely as it being 1 of a larger 5 down. In the larger structure though, this current corrective movement seems to be capping off a "throw over" and looks to be the last "kiss goodbye" to the larger trend. That's why I label it as being 1 of a larger 5 down and the current correction (what you have labeled (A)(B)(C)) is wave 2 of that larger 5 down...
Time will tell, and I've been wrong too many times on SPY...much better on EUR, USD, and GLD...
Seems we have some agreement here, though wave counts may be slightly different.
I see SPY on a B wave of an ABC correction. Wave B may be an ABC or ABCDE type channel/triangle. Not sure I'm ready to count a large 5 wave down structure exactly as you do here, though if you are considering your 5 waves a large A wave down, I would not necessarily argue with that (that would be a very bearish implication indeed).