$SPY TOP 20
Added 2024-09-05 19:30:03 +0000 UTC$SPY is just below its 50 Day MA now as the market is still trying to find its feet after the harsh start to September
The price is only testing the 0.38 Fib now, so as of right now, this is only a standard subwave 4 pull back of Wave 5 and if the price can hold at this level, then it will have no problem making a new ATH next and reaching our Wave 5 target
BUT
If the 0.38 Fib is lost at $546, the next support level is at the 0.5 Fib at $541.....losing this level and the bears are back in the driving seat and a further pull back to the 200 Day MA at $514 should be anticipated.
