SPY targets based on both Elliot waves and Wolfe wave are approximately 108.80 in this cycle. Then we should bet a bounce consistent with the A wave of a counter-trend Elliot wave.
First the Elliot waves starting at last Fridays' gap up open:
Then the Wolfe Wave on the same time frame. Both give a target of about 108.80 before the bounce. Or, the bounce at 108.80-ish could be the start of Elliot wave 4. But the near-term target remains the same.