The downtrend is intact. If we consider the fall 471.19 to 468.17 470 will be a good level to short. As we can see a base is being formed in 468.5+ levels and lat low 468.17 has oscillator divergence.
AMEX:SPY below all moving averages. Breaking 468.5 should give a good trade around 464 levels, being 200 averages in 60 minute time frame.
I expect the upside to be capped at 473 levels being a 61.8% retracement for the fall 475.89 to 468.17, 100, and 200 averages in 15 15-minute time frame.
At the moment i prefer to short below 468.5 for 464-464.5 as target SL 470.5 as SL a R:R being 1:2.