Thrust from Triangle and Gap Fill

Today was likely a thrust from a slightly longer-term triangle and then a gap-fill on the SPY 2-Hr cash chart, below. The wave-counting-stop from the ES 4-Hr chart was hit today and exceeded. And the prior gap was filled.

There is now likely a 5-3-5 under construction at minimum. It could turn out to be more. The day closed with price over the 18-day SMA, so the bias has turned up. The prior high on this chart, and the upper daily Bollinger Band have thus become local targets unless the up move fails. There is nothing (overlaps, diagonals, etc.) that says the up move is necessarily over. 

However, the algos are making a real mess of the wave structure. For example, in the above chart the triangle's proportions are 90 - 98% which is exceptionally odd but legal. And it is unclear if today's gap was actually inside of the triangle or not. There is a way to see that way from a degree-labeling point of view.

A bit more wave structure is needed to better define the longer-term daily count. The downward pointing larger daily triangle and the upward pointing contracting diagonal are still both on the table. At some point one of these options will invalidate. It just hasn't as of today's close. So calm, pateience and flexibility are still needed until there is better clarity.

Have a good start to the evening,

TraderJoe