Green volume?

Here is the SPY 15-minute chart. As is pretty evident, 'if the wave stopped here', there would only be three-waves up.

SPY - 15 Min - Three Up 'So Far'

Green volume was very, very light on Friday - mid-day - and red volume came alive in the last few bars. 'Often', not always, the middle of the third wave of an impulse shows 'higher' volume, not lower.

Right now (c) = 1.272 x (a), meaning it is inside a 1.618 extension. Some (c) waves do, in fact, stop here. The alternate is shown in red. 

IF a new low below 4,020 is made first, before a new high, it may answer the 'five-wave-down', 'three-wave-down' conundrum. Perhaps, then, futures are making a 5-3-5-3-5 diagonal, and cash making a 3-3-3-3-3 diagonal lower. First, that new low would be needed. At the moment, price is in "no-ones-land" from a wave-counting viewpoint, and some further definition is awaited. Breaking the up-channel shown lower, back-testing it, and failing would provide more confidence that a lower low might follow. Barring that, we must allow that the up trend continues per yesterday's post.

Have an excellent rest of the weekend. 

TraderJoe