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I’ve been favoring two potential Elliott Wave Counts for the SPY/SPX. The count shown on the SPY chart below is calling for a more modest pullback. This count presumes intermediate waves (1) and (2) are already complete and now intermediate wave (3) of primary wave [3] is underway. Intermediate wave (3) will trace out five minor waves. Minor wave 1 is complete or very near completion. Next up is a minor wave 2 pullback of between 400 and 600 points.

Alternatively, the SPY has traced out a large leading diagonal for intermediate wave (1) of primary wave [3]. Second waves following leading diagonals typically see deep retracements, as much as 78.6%. The point of control for this entire leg up sits at the minor wave 4 low, which would equate to an approximately 800 point drop, the 61.8%-65% pocket would lead to a 1,000 point drop. And should the SPX retrace 78.6% of intermediate wave (1), then the SPX could witness an 1100 point drop.