free long-term analysis: 
([stock_quote symbol=”SPY”]) has provided the textbook definition of a beautiful Elliott Wave pattern. This chart shows all price data since SPY’s inception in 1993. Since that time, there have been three long-term moves. First there was a trendy five-wave advance into the 2000 high. Then there was a massive three-wave countertrend pullback, from 2000 to 2009. Obviously it felt more devastating when it was happening, but in the end, the 2000-2009 move is very clearly just a three-wave correction. The third long-term move is a resumption of the uptrend off the 2009 low in a move that is not yet over.

Like every trendy move, this long-term advance off the 2009 low will become a five-wave move before it ultimately completes. The 5th wave began in early 2016. When this up leg completes, it should lead to a major high – but it appears to be far from complete. Wave 1 lasted 26 months; wave 3 lasted 38 months. Wave 5 should be similar in size to these moves, but has only spanned 8 months so far. You have to be bullish on SPY here and expect significantly higher prices ahead.