1-2-3 set up in the making ?

15min chart:  We reached overbought conditions today following another 1-2-3 set up similar to last week as shown below on this time frame. It is very interesting that today's $SPY low was $0.01 above last week's low (but not on the $SPX) -  ES/ was similar lower only by $0.25 lower.

60 min chart: Last week and today $SPY bottomed on oversold conditions on the hourly chart followed by a bounce as expected.

Interpretation: We may be forming an 1-2-3 set up on the SPY while the recent descent in the short term may be over.

Next: after the current 5-wave structure is complete and is followed by some type of retracement, will look to identify a daily close above ~197.55).