$SPY hourly showing lots of potential energy

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SPY looks coiled in the 1hr, perhaps inside a wave 3 of 3 of 3. If it can break out of this channel, I'd expect a strong push up.

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Here's a look at the daily showing the next two greater degrees. I have SPY in an intermediate 3 of an extended primary 5th wave, which I believe will terminate in the neighborhood of $405 - $420 in April.

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Smallest degree wave three invalidated, but remaining degrees still valid. Needs to hold this lower rail to stay in the ascending wedge. Close below and I get v nervous.