SPY Update: Little Engine that Could

This thing just keeps extending higher and higher. If one thing should be obvious to y'all by now is at some point you need a retrace to keep a healthy structure. We have extended almost all the way up to the 1.786 fib extension. As you can see from my labels on the chart, structurally this thing is complete. I could see OMH to tag the 1.786 and that being the resistance that finally pushes us lower for traders to collect profits and shares to trade hands. We're also on some serious negative divergence. One thing that continues to make me feel this is an ED is MACD. Notice how it made a high clear back on 02 Nov 2023? If this was a standard impulsive move, MACD would have made a new high during the wave 3 of iii on 14 Dec 2023.

That being said, in an ED the motive waves are 3-wave moves. This larger wave 5 of V of (III) only has what appears to be an A wave. We should see a B wave form next towards my lower target box before raising again for C of 5 of V of (III) to make a new ATH. Until we start a retrace though I can't give a refined box yet. How does this pair with the other tickers I track? Time will tell, but as I always say, "Each ticker has its own count and should be looked at without bias from the other charts."