Expect a new low around 180, then hold on to your hats.
Comment:
SPY double bottomed at the 0.236 fib level, didn't break through and moved higher to test the 50% retracement. The most probable scenarios right now are either
1) a bounce off the 270 structural high and a retest of the 50% retracement
or
2) if 270 doesn't hold, a retest of the 0.382 FIB retracement.
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1) a bounce off the 270 structural high and a retest of the 50% retracement
or
2) if 270 doesn't hold, a retest of the 0.382 FIB retracement.