Ignoring counts and other technicals, I just want to point out that $SPY has now reached an important fib level. It has now retraced 61.8% of the advance from early March and I would expect a reaction here.
And furthermore, if the bearish scenario is completely wrong here—and this whole structure just happens to be a 1-2 up—then this is where we would expect to see the 2 finish.
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