If the increasingly bullish case discussed yesterday is to play out, this would be a good place for the uptrend to resume. $SPY is at a reasonable place for a nested (orange) 2 to find support—as it’s at some reasonable fibs here and has a 3-wave structure. It is of course free to go lower (perhaps to the bottom of the orange box), but somewhere around here I would like to see it find support.
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