$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 formation, targeting ATH
- Wave 4 is a WXY and we are only now forming intermediate wave 2
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!