2 Alternative ideas for SPY

Channel has yet to be violated to signal a htf impulse. Looking at the weekly close we have bear divs, can be seen on daily as well.

We can look at this as a wave 3 top and look for support at the green box for a wave 4 before continuation upward.

Alternatively we can consider wave 4 up and heading back into a htf downtrend. Clear invalidations for both sides, patience is key.