S&P 500 approaching end of rising wedge and edge of channel

SPDR S&P 500 ETF TRUST (AMEX:SPY)

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AMEX:SPY SPDR S&P 500 ETF TRUST

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Don't be fooled by that break out last week. S&P 500 is still in its rising wedge to complete the counter wave B to the September drop wave A. I marked on the chart where FOMO/MOMO pushed it up through the upper trading channel that was set by the 2020 February peak and all the way to the trend line formed by the 2009 low and the 2018 and March 2020 peaks. However, the market bounced hard off those resistance lines and fell back into the rising wedge pattern. We seem to be in a small corrective wave (double top of sorts) off the the recent top. IMO we look like we may start the final leg of the correction. See my chart on Regular Flat Corrective Wave for more details on my hypothesis.

Hope this helps and good luck.

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Note that the red arrows on the right are possible options. It could stop at any of those places or keep moving down. I don't have any idea where it will stop.