Breaking below SPY 300 is a trigger for a new leg down: Every other time the patterns and counts have lined up for a Wave 3 decline the market was suddenly flooded with liquidity and in most cases went on to new highs. The set-up is back with its origins back at the February 2020 top. Breaking SPY 300 = "this time its different." With 90 minutes to go in the session, SPY is about five points above that key level. If there ever was a time to watch the close, today is the day.
