Well! That certainly was interesting. We were looking for wave 3 down from 1334 today, to bottom near 1297. Instead it looks like we managed to get waves 3, 4, and 5, which bottomed at 1298.90, right near our 1300 support area, From there, the market rallied, completing 5 waves to 1320, again, very near our 1318.60 resistance level. After that, the market sold off pretty dramatically at the close, falling to 1311.
We will have more to say later this evening about where this market may be headed. For now we’ll leave it with our updated charts.
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