The cash S&P500 started the week with a downtrending day. Although the bulls fought valiantly to keep in touch with the long moving average (green on the chart) the market still looks weak here. In the bullish case: If the bounce from today’s low is a fourth wave (iv’) then it would be just shy of 150% of wave i’ and alternate with wave ii’. A move to new lows (below yesterday’s low) would be imminent. Targets include 1347-49 and 1339-41.The more bearish interpretation is that wave iii’ is still unfolding.
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