AMEX:SPY   SPDR S&P 500
114 0 5
Price finally hit lower region of resistance. No follow-through on the long set-up I was watching earlier in the week. Most bullish possibility that the white (i)-(ii) is complete and price just melts up from here, leaving most behind. That the 61.8% is a typical target for wave i of 3 has me waiting for another long set-up, but over resistance pull-backs may be few and shallow until wave 3 completes.
Since the 1.00 extension at 218.86 hasn't been taken out I've kept the expanded flat for alt 2 on the chart. No way I'm going to short unless there's a break of support and higher probability set-up. Pull-backs are buying opportunities in my opinion.
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