In line with the bullish count on the futures, $SPY (cash) is forming an inverse head and shoulders pattern (red cups, orange neckline). A successful breakout gives us a measured move (orange notated line) that is compatible with the target range for a wave 3 of subminuette (red) degree (orange box). My expectation is for us to finish forming the right shoulder somewhere around this area before moving up (could be any time).
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