$SPY: Expecting Rejection Soon

Following up on my main count, with this being a flat correction. We are at some important fibs.

  1. Presently, we are right at the 61.8% retracement of “Green 1”
  2. And just above us is wave balance between the two legs of the corrective rally (blue “c” = twice the length of blue “a”)

Either of these can serve as a spot to find rejection. Bitcoin remains firmly lodged in my orange box (first chart here) and other instruments continue to look appropriate for a reversal (whether we get it or not remains to be seen). Breadth remains terrible here.

SPY


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