Whereas on futures, where we may interpret the structure as completing, on cash $SPY, we may also interpret it as still in development. If that is so, we may identify today’s weakness as building the “right shoulder” only now. The measured move of this inverse could take us to the green trend line, as the measured move of the inverse and the trend line are both at about the same place.
Bear in mind that I believe this little inverse is itself the right shoulder of a much larger inverse (5th chart in this post).
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