The whole sloppy, overlapping mess that is $SPY‘s recent price action (orange ellipse) virtually guarantees that it is corrective rather than impulsive, meaning that we should eventually expect higher prices.
If we are close to a local bottom, we may expect a move to the orange target box above.
[UPDATE]: Since what I was looking for was the short-term rally pointed to below, and since I got it, I will file this under “Successful Calls.”
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