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Chart of the Day:
Overall View: Looking for a top around 1150-1170 zone
4 Hour Chart Flows: Mixed Price Points: 1124, and 1147 Looking for: Low of a Short, wave iii)
Elliott Wave: S&P futures broke through the 1124 support region yesterday as highlighted, which was a key for move into the 1107 lows. Now that the S&P futures are trading in a sharp, blue wave iii) leg, they should reach even lower levels in the near-term.
We are targeting the 161.8% Fibonacci region shown around 1103, where wave iii) may hit the low for a reversal bounce into a corrective, blue wave iv).
Overall near-term bearish bias remains valid as long as the market trades below the 1124 resistance zone.
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