SPY saw a gap down this morning, opening at 391.98 and falling to a low of 389.40 in the first 20 minutes of trading. The rest of the morning was spent bouncing between that low, and 393. SPY closed the opening gap slightly after noon, and after a small pullback continued steadily higher for the remainder of the day. After hitting a high of 395.84 in the last hour of trading, SPY saw a small pullback before rallying into the close and finishing the day at 395.75.
So far this looks like a corrective sequence from yesterday's Wave 5 low I mentioned yesterday. SPY may be in Wave 5 of that corrective sequence, with a target between today's high, and possibly 398-399. There are a couple of longer term scenarios that I will address in detail over the weekend. The alternate count I have been mentioning the last couple of updates still seems to be in play. Where these next few waves complete could have a major impact on the targets, so I will try and work through some of that also.
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