If SPY starts to get a bounce on the daily, then it could see resistance near the 428 area at the 38.2% retrace of the last leg down.
Price is getting somewhat extended from the 21ema, and am expecting a correction in time or price in the near term...
I see this current Elliott Wave scenario as possibly being in the C wave down of a correction that started after the 01/04/22 highs.
C waves must have a 5 wave structure.
Once a bounce starts, it could be the 4th wave, and 4th waves typically retrace the 3rd wave by about 38.2% (most common).
I will be watching for possible short entries in the 428 area, with fib and elliott wave targets from 406.75 down to 393.38.