So far, good on the SPY 4 hour chart scenario as prices were contained at the expected resistance level on the oversold bounce.  However, I would like to see both the SPY & QQQ drop a little more below current levels to put those recent clusters of price action in the rear-view mirror.  If so, then I would expect my next targets to be hit in relatively short order.  SPY previous & updated 4 hour chart along with the QQQ 4 hour: