SPY has broken out of a small falling wedge after the minimum number of touches on its sides.
Last time the price was at the bottom of the 2-year+ rising wedge, we saw a second falling wedge form after the breakout from the first. This looks very similar.
If you’re an E-waver, it’s the equivalent of a set of 4-5’s.
In other words, the bottoming has likely started, but the price will probably work itself lower in the course of completing this move.