Based on past fractals SPY typically corrects in a A-B-C pattern with the B leg retracing up to 50%. With the rapid decline so far and no kick back we should be looking for the first kickback rally. I would expect this to happen somewhere around the 200dma and the gap area 275-277. Based on a bounce at this level SPY could get as high as 288-291 before taking the next leg down into the 260 area. Around 263 was a fairly significant point in the past and coincides with a previous gap