With apologies to the song, we found one way we could count the SPY (4hr chart as completed). The chart below would still allow for a more proportional fourth wave than occurred today.
|ES Futures - Daily - Complete or Need (iv) Yet|
We'd prefer to see the diagonal as having better proportions, but, again, there is one way to count the up move as completed in a tighter wedge. You can see that count at this LINK.
One lesson learned from counting diagonals is that, as rough as they can be on the nerves, and we might prefer them to be over, is to give the market the time to make the typical proportions. The benefit is that the deeper retrace provides more time to diverge against the market internals.
Have an excellent start to your evening.