S&P in Bullish Coil Pattern

Looking at the S&P 500 and its ETF the SPY via the 4-hour e-Mini S&P chart, we see that all of the action off the May 2 high in the e-Mini S&P appears to have morphed into a bullish coil pattern, which if accurate should resolve itself to the upside in a thrust to a measured target window of 1435/40 to complete the March-May upleg. At this juncture, only a decline that breaks and sustains under 1405 will begin to compromise the bullish technical set-up.