SPY - EW: Main Count

This is what I'm thinking. We have one of two situations.

1. We are still in wave 5 down and are in wave 2 about to make wave 3. Invalidation is wave 4 - 401.53
2. Wave 5 finished early (Truncated) and we are moving towards A,B,C. Thursday will be a very important day to see structure.

Ultimately, for wave 5 down we will need to continue downward and break previous low.

Key area's I'm watching:

UP: 400, 401.53, 403, 405
Down: 397.47, 396.36, 395, 393.89

Good Luck Traders!