A Short-Term $SPY Thought

If this huge consolidation is a triangle, we may still be in the “e” wave of that. Once that finishes, the market should announce its’ entering a new structure with an impulse wave. And so far, this morning’s price action looks more like a small triangle itself. That may only be the central wave of the “e” wave.

If so, we may get one more drop. It is possible for “e” waves to violate the lower trend line of triangles while remaining valid, so I won’t panic if it does a bit. Hopefully, we get a good rally soon.

SPY


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