$SPY pullback before new ATH


$SPY is currently in a larger degree 5 wave move to the upside. We are currently forming that 5th wave on the larger degree, potentially also trading in the 4th wave of the intermediate degree

- A gap down would likely confirm my analysis, pulling into our wave 4 target zone

- If we hold, watch for a leading diagonal formation, targeting ATH


- Wave 4 is a WXY and we are only now forming intermediate wave 2


I see your main idea which has merit prima facie; but your wave counts are inconsistent. We had a zig-zag correction, wave labeled '1' is part of the zag, not a primary motive wave 1 IMO; and the wave labeled '4' goes below '1' which is never found in motive impulses. Try WXYXZ triple combo wave label or perhaps an ABCD zig-zag, even now it's unclear how it will play out. Wave you labeled '3' may in fact be first motive wave 1 in a massive impulsive move to blowout ATH... if so, 3 will be a magnificent money-printer! Your alternate hypothesis is more likely correct, thanks for posting it!

IMHO we are entering a finishing move, a 'Z' wave in triple combo, this is also a harmonic formation, shown below; all these models are so flimsy and vague, never bet the farm on these!

Usually EWs are only apparent after the fact, during formation they can transform into so many variants, really impossible to print projections, thanks for trying, basic idea is good IMO!
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