Looks like today's open is gonna gap down into wave 5 of i of c of (2) to challenge the 2800 level once again. Keep in mind yesterday I posted the possibility that wave (2) could be wrapping up as a flat with this last gap down for wave 5. So instead of this five wave structure counting as wave i this may just be all five waves for wave c of (2). MACD is indicating otherwise but just keeping that in mind.
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| SPX- 5 Min |
If the bounce at the close yesterday was wave ii of c of (2). Today's opening would equal to wave iii down of c of (2). c=1.618*a at 2705.
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| SPX - 60 Min |
