SPY SHORT CONTINUES

The 1709-1712-1739 was perfect range entering short whereby the first pivot was reached. The intermediate outlook remains bearish with a minimum retrace of 23.6% towards 1605. The more logical area is 1540 +/- as it matches size of previous pullback within the bull cycle.

Intermediate 4 should be of similar size as Intermediate 2 ( see June 2012 low )