SPY 1Hr - Consolidation Below Gap

In a fairly tame day, the hourly SPY cash index just consolidated below the gap level shown. Today was not a very impulsive day. There is possibly an up channel forming, but the down count is indeterminate at this point.

A lower low might have a five-wave look, but it is not on the chart yet. Some days you can't make more of a count than what's there. Let's see what the week brings in terms of news events.

Have an excellent start to the evening,

TraderJoe