$SPY, Local Count

I can count a clear, 5-wave, non-overlapping structure down from the 7/8 high (green 1). That is good news for bears. From that low, I can see two possibilities, either with a high in near today’s close, or the need for a further leg up to complete green 2.


They have turned on the murder algos tonight, and they will collect stops until a seller large enough shows up to make them rethink it.

I can justify a turn tonight if there are sellers here, at 3800. For starters, it’s a nice round number, and furthermore, we’re retesting the triangle trend line from beneath that I discussed this morning:


So if this gets rejected, good, fine. But if not, there aren’t sellers working tonight and we will just have to wait a bit more before we will see a sharper move lower.

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