S&P 500 Hourly Now in Wave 3 of Uptrend

With the S&P 500 hourly closing above the Feb. 16 high (= 275.32 on SPY) at 1030 am this morning, a wave 3 in the current uptrend from Feb. 9 is now confirmed. Next upside target is the 280 zone on SPY, the level from which the market initially gapped down and went into free-fall back on Feb. 2.

If we assume this uptrend goes at least 5 waves, a move beyond 280 on SPY is definitely possible -- indeed a move back to the January all-time highs is not out of the question at this stage.

In any event, I will be looking to buy on the next pullback.