SPY Wave structure

If SPY sustains above 480 on monthly close, we can consider it as end of wave 4 and the beginning of wave 5. 640 will act as a resistance and once 640 is broken, SPY target would be 695-740 zone where SPY will complete its wave structure. The move from 640 to 700 is most likely retail fomo. Good zone for booking short term profits and for the stocks bought at end of wave 4