SPY 538 Top to 506.

We’re in wave 5 of an ABC correction. We’re approaching 538 which is the 20 and 50 ema daily. Volume is declining as price rises. EMA’s have death crossed. 506 lines up as a 1:1 move on wave 1. We’ll get a 5 pattern move to the downside into 506 over the next week or so.

The 100ema is in the 506 range and I expect it to hold. This will then signal a bounce which will look like a rally, stalling at about 540-545 before a final move to the downside around 470-475ish which is around a 1.6 move from my wave A. This also lines up which the long term ascending trend line from Covid lows.