SPY looks like either a really short 3 Drives Pattern or Bat
From the chart we can see a possibly 3 Drives Pattern (dropping two successive short 1.618 statistical markers) or a larger Bat pattern that stopped at .886 on the uptrend.
We are still in a larger uptrend from the original Fib extensions. The larger daily doesn't extend to 1.2168 until 370.x range so we are not greatly overextended. But the concern is the smaller pattern inside. If it confirms a 3 drives then we could see 370. If it confirms a Bat (not reaching above .886 again) then we are in a for a long term downtrend all the way statistically to 302.x
That is my take it as you will. Right now I am neutral on SPY until after the election.
We are still in a larger uptrend from the original Fib extensions. The larger daily doesn't extend to 1.2168 until 370.x range so we are not greatly overextended. But the concern is the smaller pattern inside. If it confirms a 3 drives then we could see 370. If it confirms a Bat (not reaching above .886 again) then we are in a for a long term downtrend all the way statistically to 302.x
That is my take it as you will. Right now I am neutral on SPY until after the election.