$SPY Update, 3rd Option Seems to Be in Play

Of the alternatives listed here, the third seems to me to be in play (a more complex structure). We have fallen deeply to keep considering the triangle, so the alternative is a more complex a-b-c correction for minor (green) 4, where the blue “c” of green 4 may be counted as a 5-wave impulse. We are at the 38.2% retracement of the length of green “2,” which is typical of a “4.”

If we can find support around here, then it looks good as a 4. Note: if this is an accumulation, they often end with a “spring,” where they shove people out before the markup. I would like to think that is what’s happening here today.