Final Downmove for SPY?

My hourly chart analytics of the SPY shows this AM's plunge from the 129.00 area precipitated by the negative reaction to the CPI report... The plunge to a new reaction low at 127.36 should represent the final downmove within the larger corrective downleg off of the 5/05 high at 132.80. While we must leave open the possibility of yet another loop to the downside into marginal new low territory, for the most part, my work argues that the entire corrective leg is over, and that a recovery rally phase either already is in progress or is nearing emergence. MJP 5/17/06 Noon ET 127.81

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