Here is a perfect ABC wave form, we have C wave longer than B wave.
It is very likely SPY has finished C wave and ready to rebound. Today is a bullish start.
Yes, its very possible we have a reversal this time before we hit 101. The reversal bar is usually strong like
some other reversal bars in the past. Usually we don't see a strong reversal bar in the downtrend path.
We will see if it will turn out the same this time:
If you consider 07/01 is the start of A wave, then we will see lower low this time <101.
But I take 07/01 as the end of another C wave and start of a failed rebound.