Analyzing 4 HR chart of SPY: Counting the waves in a shorter timeframe makes it pretty clear that SPY has completed 5 impulse waves and is currently going through the corrective phase. Huge divergence on most momentum indicators, volume, and fundamentals can make the corrective wave C an extended one. Currently projecting a drop to 0.38 fib level ( 283) or 0.5 fib level ( 271). We may get a retracement back to 306/308 before we resume move. Either way, we need to see a clean break of 297 print level before we see any downside. This week promises to be eventful so stay hedged and trade smartly.