$SPY May Offer Us a Deeper Count

I find the overnight price action on $ES to be strange and I’m not entirely sure what to do with it at present. It’s a shame to not have been able to anticipate this drop.

On the cash session, the gap is often associated with a 3rd wave, so perhaps we are looking at a 5-wave “C” like below. The expectation would be for the red 3 to get to the orange box, consolidate, then make another low before completing the structure.

SPY


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