In Thursday's Update I made my case for 5 wave sequence having completed on Wednesday, with SPY now being in a sequence that should take it below 379. SPY gapped slightly lower 391.00 to begin the day, then quickly found itself moving significantly lower to 387.48. From that low to midday, SPY worked higher and made it into positive territory for the day, climbing to 393.16. From that point, until the 2:00pm hour, SPY worked lower again, with only one small rally attempt. Shortly before 2:00pm it found itself at 384.32. The following hour saw a rally to 388.42, but SPY dropped near the low of the day again in the final hour of trading, closing the week at 385.92.
My count remains the same from yesterday. I will post a more detailed analysis over the weekend.
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