⬤ SPY dropped after its recent run-up, finishing a clean three-wave correction into a major support area. The pullback hit the equal legs zone — a textbook Elliott Wave level where corrective moves usually wrap up. Nothing chaotic here; this looks like a normal dip within a bigger uptrend, not the start of something worse.
⬤ Price dropped into the Blue Box between $673 and $666. That's the zone where wave (c) matches wave (a) in length — basically the measured symmetry of the correction. The chart shows a completed a-b-c pattern, and price is reacting inside that Blue Box rather than crashing through it. That's a good sign.
⬤ Aggressive selling into this zone isn't the play right now. The Blue Box is flagged as a potential buying spot — as long as the structure holds and price stays above the invalidation level at $649.45. The bigger Elliott Wave picture still points to a bullish trend, with this dip being a healthy reset within it.
⬤ SPY is basically the market's pulse — so what happens in this $673–$666 zone matters. If it holds, the broader uptrend can pick back up and keep things stable near term. But if price breaks below that range, a deeper correction is on the table and the current wave count changes.
