AMEX:SPY   SPDR S&P 500 ETF TRUST
good evening,

we saw a fairly strong reaction from a key level near the end of the day on friday,
spy printed a daily bullish divergence on the ultimate oscillator as well.
the last bullish divy print of this magnitude gave us a 12% rally.

conservative target for this push up would be at the 0. 50% retracement of the previous leg ($420 give or take).

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-i'm assuming it's playing out a leading (or) ending diagonal , we won't know for sure which one it is until it is completed.
-there's also a slim chance that the correction has been completed through a simple zig-zag (green trajectory)-
-so it is important to focus on "how" spy moves up in the days\weeks ahead.
>if it's in another choppy 3 wave move, then we will see another big leg down.
>if it's in a clean 5 wave impulse, then there's a possibility the correction is done.


🥂

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