Elliott Wave View: SPY Starts A New Leg Lower

Short term Elliott Wave view in SPY suggests the decline from 3/30/2022 high is unfolding as a 5 waves. Down from wave ((B)), wave (1) ended at 385.15, and rally in wave (2) ended at 417.44. The ETF then extends lower in wave (3) towards 362.17.  Rally in wave (4) completed at 393.16 with subdivision as a zigzag Elliott Wave structure. A zigzag is a 5-3-5 structure with ABC label where wave A and C both subdivide into 5 waves. Up from wave (3), wave ((i)) ended at ...