We've been having many, many bullish days for the last several weeks. Clearly, the buyer is slowly becoming exhausted. I see both the Elliott Wave Theory and Rising Wedge playing out. Based on these two trends, I see a possible target of SPY 240-260 range in the next couple of weeks.
Comment:
Upon reviewing some good comments and feedback, I'd like to add that once S&P breaks above 2,880 (SPY 288) it is likely that this count is invalidated and count 5 has just begun with a target in the range of 2,950 - 3,100 (295-310). My view is short-biased and I'm waiting for a break of 2,720 (SPY 272) for confirmation that the ABC correction is playing out.