A Clear 3rd of a 3rd Elliot Wave Down is underway - continuation

v of iii circle of 3 appears to have begun in today's afternoon reversal ending the relief rally. Since v would be equal to i at 183, short of iii's termination, expect v to extend to 1.618 of i and end around 178 before the next short term relief rally to circle iv.

Main point is that the waves clearly indicate that the main trend has reversed. Also note that on balance volume has been negative all of 2015 and began a continuing outflow to to deeper negative territory at the end of (3) of last year's terminating ending diagonal.

Say goodbye to 200 in SPY...I don't think we will see it again for many years...