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Still a little early to tell but futures is most likely indicating a break down out of the rising wedge.
If the market heads back towards the wave (1) low, we must watch how it does so.
If it is impulsive, than most likely wave (3) down is on.
If there is a battle and it chops back and forth towards 1635, there is a good chance it may be a wave x as labeled below.
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