From the all-time high, 20% down is 3846.50 on $ES. That, of course, is the demarcation point for a “technical bear market,” and a close below that level would probably trigger a lot of programs in unforeseeable ways. They may not want to push it that hard. And so, the Wyckoff “spring” may be the superior option, because a lot of buy programs may actually jump in soon to prevent just such a close below this level.
So, worth keeping an eye on the number.
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