Lots of ways to micro-count $SPY, so there’s a couple of alternatives here. Depending on where we want to place the minuette-degree waves (purple and red options), we may have a high in now or we may need one more. You can count the move from yesterday’s high as either a flat for four, or as a series of ones and twos, to the downside, so that part’s unclear.
The blue b down there is looking more and more to me like a triangle, improving the odds for the bears here, in my opinion. If that is, in fact, a triangle, we don’t want to see one down there if we’re bullish.
[UPDATE]: Since we got the second selloff (green arrow) that I was looking for, I will file this under “Successful Calls.”