I posted this as a thought before, but I can’t immediately find the post (it wasn’t long ago). If I find it, I will place a link.
I am not yet convinced that we won’t have a stronger reaction to the 4000 area and the 50-day SMA. We may count “Wave 4” as completing here. Doing it this way gives us a different slope to the channel (because it’s based on the top of “3”) and we’re challenging this channel now, which wave fours typically do.
I’m not yet in the mood to get too bearish.
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