From a Near-Term P&F Perspective, SPY Remains in the Grasp of a Powerful Downtrend

From a near-term Point & Figure perspective, the decline in SPY from its 200-breakdown plateau will satisfy an optimal downside projection in the vicinity of 190.

So far, SPY has hit a print P&F low at 191.20, so it does have room for more downside to make a direct hit on the target.

To trigger an initial upside reversal, SPY must print 193.60, otherwise the dominant PF trend will remain DOWN.