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Here is my bullish count for the current situation in the SPY. We are completing the D wave of a corrective barrier triangle. This would indicate a pullback to 106-106.50 area before we head up for a longer term rally.
This is my bearish Elliot count. Here we are completing the E wave of a corrective contracting triangle which would be bearish and possible send us in a series of impulse waves downwards. I certainly hope this isn’t the case, as it would be nice for the overall economy and state of things to have a nice rally going into the end of the year.
Either way it looks like some downward movement is due from these levels from my point of view. I’m into some bearish positions but am keeping my positions small. I would go full short on a pullback in a downward movement. At this point it’s too early to be sure about any of it.