After seeing @DorofeevML's idea, I decided to do a little re-analyzing. One thing I've learned over the years is that finding points of confluence is very important.
Green box = Target 1 - We can trade within in the range up until 300, which is: 1. A huge psychological number. 2. A point where we can see the wedge break. 3. Overhead resistance from the trendline created from previous highs.
Red Box = Target 2 - 1. Elliot Theorists could be looking at this correction as an ABCDE or ABC , where we are still waiting on the C wave. Typically the C wave of a flat will be the same length of Wave A or it could elongate to 1.618. 2. The second fib retracement on the chart is from our lows of our last bear market to the above projected highs where I think a lot of fib watchers will be watching for a bottom. 3. We have the declining trendline from our last two previous lows from the past yearish.
Where do all these points come together? Another huge support zone from the last correction we seen back in 2016!
Looking for a potential bottom around $200 June 2020 or $181 around March 2021.
**NOT Trading advice, always do your own analysis, and trade at your own risk**
Not a guarantee that spy would be in Wave D, possibly already in Wave E (very bearish). Depends on whether you assess Oct high to have been Wave 3 or Wave 5. Depending how this wedge plays out, spy could see 315 before drop. However, important to remember it might not be ABCDE and only ABCD. The later would bring about a run closer to 360 for Spy.