While $SPY has the potential for a second drop that challenges its 9/20 low (because of the possibly corrective nature of its advance from those lows—discussed here), the Russell shows a different picture. It shows a clear-5-wave pattern from the lows, with no triangle or other wave in the middle that suggests a B wave presence. However, that doesn’t mean it won’t pull back, just that it likely won’t challenge its lows. This 5-wave structure on $RTY looks complete (or nearly so) and I would expect it to retrace soon to the target box below.
This and the S&P may both move in three waves in that direction.
[UPDATE]: Since this has reached my target box, I will file this under “Successful Calls.”
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