FractalTrader

Quite the rally, but...

AMEX:SPY   SPDR S&P 500 ETF
37 2 1
This count is still 3-wave corrective. It means we can easily see another violent move down near term.

Could a base be forming? Possibly. But here it's good to keep an open mind and be prepared for further downside still.
When correction happenshappens, 192.50 a key support level
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5 waves up pretty much ensures prices will continue higher. In the meantime, 192.50 still looks like a likely pit stop along the way.
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