WOW! I got fooled again it seems. Even though I knew about the 586.86 FP on the SPY I didn't believe it could hit it, but it's very obvious now that's exactly where it's going. After that though the pullback should happen.
I would think we would see about a 50% pullback from the move up from the low, which ironically is around where the gap fill would be at (roughly 5300). Then, if all goes well, we will rally back up into the end of the month to put a slightly lower high then last weeks high. A move like that should fool everyone into think the low is in and that we are starting a wave 3 up with the pullback this week being the wave 2 down.
It's the perfect bull trap that sets up the next big move down, which should take out the low to hit the stops on the bulls. Most likely it will be a wave 3 inside a C wave, and should end right into the FOMC meeting on June 18th. Then we start a huge rally up with the final target being the 655.66 FP on the SPY, which should be in August I suspect. Nothing more to add.
Have an blessed day.
