Another wave to the upside

My target for the SPY is in the area of 123.30 which is the 61.8% retracement of the entire move down from the high in October 2007 to the low in March 2009. That is approximately 2% higher from where we are now and certainly is a possibility this week. We still have a weekly 5th wave pattern. Sentiment has again turned bullish and a break above 122 would be very bullish. Click on image to enlarge.