SPY completed extended ABCD target at the 127.2% and is currently attempting to go into retracement mode.

The ideal minimum retracement target is 171.81, there’s a small emerging cyan Harmonic Pattern with PRZ  (Potential Reversal Zone) targets at 175.56 and 172.09, note the extended target will help price reach the ideal minimum retracement target.

There’s another interesting symmetrical occurrence, note the blue trendlines showing symmetrical pull backs after price makes a new high.  If the symmetry continues, the pull back target will help price break below the significant level 174.76 which is an important support test.

A bounce off the initial downside PRZ at 175.56, or a hold above the small GRZ (Golden Ratio Zone) level 179.08 has upside bias to retest the 181.75 high, a hold above there has extended ABCD targets as shown by the brown and cyan upside Fibonacci extensions.