By measurement, we are at the larger wave 5. If this is correct we just have corrected with the 4th. That means we have a wave 5 coming up at 298-300 SPY. By that if 0.5 fib breaks at 286, this scenario would not look too good. As we would have lower targets ahead.
We are in long modus now again. But at its high (few minutes ago) you can see we are exactly at new added resistance line from 25.2. Lets check whether we can break that. But at the moment situation is long.
When looking at the 2008 recession i noticed some similirates. The first wave ended at a 1.618 extension which is also did in 2019. What next? We then had a impulsive wave up, touching the 0.618 extension of the 2nd wave up in 2008. In 2019 we are doing the same, but this time the wave went above the 0.618. It states that wave 2 can reach a maximum 0.786 extension...
Long QQQ's if you dare. Clearly defined range still intact. Be wary of false breakouts. Perhaps best to wait and see until range is broken for higher conviction/direction.