Since we’ve got a big gap on $SPY, which tend to happen in third waves, here’s what we can do with it. That ugly crap last couple of weeks could have been a leading diagonal for 1 with a very shallow 2. The target for 3 is the orange box, which, if we opened now, we gap just above. If we enter the range and then bounce, but don’t bounce higher than the box for 4, we may then see another low for 5 before a much larger retracement.
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