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Technical Target for S&P 500 is closely approaching

|Includes: SPDR S&P 500 Trust ETF (SPY)

Elliott Wave technicians have placed a target of 1056.10 on the S&P 500 as the break which would confirm that the next leg wave iii (circle) of 3 down is underway.  This wave promises to be the most extreme in terms of strength and degree.  

Disclosure: Short S&P 500 65%, 35% cash