- The SPY is very close to hit the C wave target for the Fibonacci extension of 1. Once we hit this which is around $449 we should see price start to decline as I think this whole rally was just a corrective one and we are headed for new lows. If we do push past the 1 level and extend it is possible that the bottom in October was the bottom and this is not just a corrective rally, but a full on bull market coming.