As expected, the market moved above 1430 this morning, and a fairly sharp rally ensued. This rally played out in a 5 wave sequence that lifted the market back to 1437.76. From that point, the market formed a 5 wave sequence to the downside, which brought the market back down to 1432.
Support remains at 1426, and then 1397-1387. If the market falls below 1432 at this point, I further correction may be at hand. My next upside target continues to be 1497.
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