SPY is at a critical level based on my Elliot wave analysis. A close below the Aug high of 104.35 (intra-day) or 103.80 (closing price) would invalidate the Wave 4 I've been considering.
Using time frame analysis, a Wave 5, should it occur, may run into resistance in mid-October. Since Wave 3 cannot be the shortest motive wave, a Wave 5 can be no higher than 110.50.
Remember, a close below 104.35 should cast doubt on my analysis, and a close below the highest close in August-- 103.80 --would render my EWT analysis invalid and the "Wave 4" broken.
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