I believe SPY is in a minor wave 4 correction of Intermediate wave 1)) up. If wave 4 is similar to wave 2, we can expect a minor pullback, probably somewhere between a .232 & .382 retracement, somewhere between 272.02 and 270.68.
Since wave 2 was a flat, I would expect wave 4 to be a zig-zag, as it's shaping up so far.
Since the start of this bull move from the May 3 low, all corrections have been very shallow. I see no reason for this wave 4 to be any different.
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SPY bounced @ 272.37. I think it needs to go a little lower, and so far the bounce doesn't look impulsive, more like an x wave of a double or triple zig-zag. The 272.02 minimum target is still in play.
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In the original post, I stated "Since the start of this bull move from the May 3 low, all corrections have been very shallow. I see no reason for this wave 4 to be any different."
Now, there is a reason for a deeper correction, or possibly the alternate count (mentioned in related post). Possible spinning top candle in SPY Monday, and Gartley sell with bearish doji candle in QQQ Monday puts the bullish count in question.