$SPY Technical Level

Two observations. We are between the 61.8% & 78.6% retracement of the entire advance. There is also a new relationship here between two of the legs of the pullback. We may go as low as the 78.6%, but if this is a two, I would expect a sharp intraday reversal at some point.

All of this remains compatible with a “2,” deep as it is.


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