Intervening Bounce Scenario In SPY

SPY-- After the opening bell, SPY broke beneath yest's intraday low at 426.38 and pressed to a new reaction low at 425.99, but has recovered into positive territory (427.51 last), which suggests to me that a minor pullback from 429.62 (6/05 high) ended at 425.99.

If that is accurate, then forthcoming recovery strength will tell us if SPY is experiencing an "intervening bounce" that separates two corrective declines, or if a minor pullback is complete ahead of another upleg to new recovery high territory.

My bias is for the "intervening bounce" scenario to play out during today's session, which argues for another loop down that breaks 425.00 in route to a 421.75-423.00 downside objective. Last is 427.50...