S WAVE CHARTS

[snootmagruder]

SPY 1 hr chart going out to the end of year. Here's my take. From A on has the classic look of an extended B wave and we're heading down to complete B (which would be 2,3 and 4 in E wave) and a final C will start to a new high. The pink dotted line shows a TL that needs to be taken out with that final C wave. I have the lower fork set at about 425 SPY and think that's probably the lowest range and could be higher. Comparing this chart to INDU or NYA or IWM has a wide range of variables and doesn't help pinpoint the bottom.
The small down channel used for the timeline of this drop can easily break down into a faster drop and finish earlier, or even later.

http://stockcharts.com/c-sc/sc?s=SPY&p=60&st=2020-01-01&en=2021-12-31&i=t5473154483c&a=350704571&r=1638710218188&r=1638710434912