If the SPI has completed 3 of 3 how far could it pull back and still be bullish for a move into new upside.
Well, here are a few calcs.
EWT says that 4th waves tend toward the 4th of one lower degree.
So, if you go by SYCOM then that is 4750.
On a daytime basis around 4760.
On a CMC basis and converting and I actually like the movements it gives, then 4743 on a 24 hr basis.
So if we take the most severe case, a pullback to SPI 4743ish is acceptable.
Lower and I will worry that this is not a 4th wave triangulation leading to a swift move higher.
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