SPY we are in right shoulder

Other sectors like QQQ and IBB lost leadership and SPY is still hanging there. Still very choppy and range-bound with no real follow through. That is why, I will wait for reliable signal.

For me, it is break and close below that neckline $204.39.
Stop above right shoulder at $208.54, but for more active traders who want lower risks I would recommend $206.70 stop above 8/21 EMAs.
My first target will be $201, then $198.