FractalTrader
Long

picture getting more clear

AMEX:SPY   SPDR S&P 500
86 1 5
We can see a clear extended 3rd wave, and what appears to be a developing extended wave 5 now. The ABC             corrective pattern is likely off the table (you can make a wxy argument, but odds do not favor it with such a small X), as is a completed impulse. We know wave 3 cannot be the shortest wave in a valid impulse wave so 222 should be the limit of travel for this whole formation.

Also, simple underlying strength metrics like momentum are still clearly in bull territory, and PCR             is no longer at an extreme so bears are trying to get ahead of a correction (so it probably wont happen yet). It's up to your own risk tolerance to decide whether to get on the bull train or wait for the turn. Either way, we probably have another week of grind higher.
Comment: getting much closer to pattern being complete, maybe one more higher close
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