The SNP 500 SPY is in a corrective pattern which in EW is called an open diagonal where each subwave of 1-5 subdivides as either 5-3-5-3-5 or 3-3-3-3-3. In this chart, I've counted the diagonal as 3-3-3-3-3. Currently, the SNP 500 is making a zig-zag in (b) before continuing in five waves down to complete ((v)) of A. Currently expecting the SNP500 to go to around 300 before turning up and beginning the B wave. I don't expect to see any corrective rally's until after mid term elections in the US.
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Comment: Update, wave (b) of ((v)) has been much deeper than expected retracing to the 61.% of (a).
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Due to the depth of the correction I am relabeling minuette (a) as minute ((v)) of minor A because it is a fresh low and throws under the diagonal with is common in wave five. Wave minuette (b) has been upgraded to minor B. This means that SPY is now in a minor wave C turning down.
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Alternative bearish count, the WXY count for the SNP500 is probably known by most to now but it's also possible that there is a symmetrical triangle in the X wave. Each leg of the triangle is a zig-zag while both C&E are lower than A and D is higher than B. There is also a fibonacci relationship of ~61.8% between each contraction. RSI also agrees on 4H, 1D and 1W. This gives a lower bound price target of $240 at the 1.382 extension.
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After the fed announcment of raising interest rates by 25 bips SPX's B wave has retraced to around the 49% of Wave A. Wave B usually retraces 38.2% but can also reach the fib levels of 61.8%, 76.4% or 85.4%. The zig-zag count is invalid if Wave B crosses the origin of Wave A.
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Now in wave ((i)) of C.
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SPY Completing corrective structure
The SPY appears to be completing a simple zigzag in (B). Wave B has retraced 50% of A and C is expected to extend to the 76.4% of AB. Wave C of (B) appears to be a in a wave (iii) with two extensions in the subminutte and micro and miniscule degree. Expecting price to top out around 425.
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Is the B wave in on SPY? * SPY Wave B retraced between 38.2% and 50% of A * NDQ Wave B retraced over 61.8% of A * NVDA Wave B retraced over 105% of A and may be completing the B wave of an expanded flat pattern