SPY - Because of the gap

In the SPY 15-min chart, below, there is a prominent gap - red circle -which is 'often' in the middle of a third wave. For that reason and the higher Elliott Wave Oscillator (EWO) peak, the blue count is the preferred one.

The blue count has wave ((3)) of iii on the peak of the Elliott Wave Oscillator and wave ((5)) of iii on the first divergence per The Eight-Fold-Path Method. This count allows the EWO to come back near or below the zero line (black circle) for a fourth wave before making a higher high in blue v. The alternate is shown in red. It is 'plausible' but has disagreements with the futures which is a second reason why it is the alternate and not the preferred count at this time. The "running flat", if a second wave, is what allowed us to suggest that today might be a large up day. And, the position of the EWO is what allowed us to suggest there could be a higher high after lunch today. There was.

We'll look to see if blue wave iv can hold a 38 - 50% retrace on blue wave iii. If not, eyebrows will raise. In order to get alternation, wave blue iv could be a zigzag (sharp) or a triangle.

Have a good start to your evening & weekend.

TraderJoe