
$SPY Peaked at 781.62 as of this time. $1.62 above my target given 6 months ago for this primary wave 3. With $SPY now below the 50D EMA for the second consecutive session. The risk grows as buyers struggle to regain momentum. With each passing day we build below the 50D EMA. The more likely it is that continuation down into the 200D EMA can and will follow next. I remain confident that this is just the start to primary wave 4(red circle 4) as we venture back to $683, $619-$629, $600.