S&P 500 Upside Price Objectives

In my analysis of the $SPY for STOCKTWITSTV on Friday, I mentioned two potential upside targets based on the inverted head and shoulders pattern and the measured move. The two daily charts below show those patterns and how the targets are achieved.

The weekly chart below shows the two targets on a longer timeframe.

A look at the shorter term timeframe using 30 minute candles and a 5 day moving average shows that the current rally is getting extended and it would be more favorable to enter longer term positions after a pullback.