The 1 hr chart shows that we are in the v(5) final phase of the impulse wave green [c] . The trade setup was the 4th wave bottom . I was not sure if the b wave had ended or if it was still in progress the confirmation that i got that the b wave has ended came when the price came down to the purple dotted trend line in an impulse after the yellow (i) and (ii) had been identified and the yellow (iii) (iv) and (v) pretty much took place in a very short amount of time.
If you look at these 2 charts the high on the cash market does not agree with the $spy and for them to be both correct the Elloitt wave count has to resolve in to a regular flat on the $spy and as an expanding flat on the $spx to come out of the correction satisfying Elliott wave rules.
As per this count the projection for $spy is this below :
With the chart on the left the 15 min shows that $295 is the 1 %&4 overlap and if the price moves about this white dotted line then the count is invalid. But as per the logic for how the &spy and &spx should resolve to come out of this correction unscathed and satisfy the Elliott wave rules the conviction to go short is very high and that will be the trade I will be looking for.