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Pivoting Simplicity

Deeper musings to follow .......

But - with hard earned humility - if you step back from the noise .....

The SPX pattern - from a purely chart-based trading perspective - continues to evolve with classical simplicity.

The 'A-B-C-like' test of 1230 (= 50% retracement) broke down with alarming ease and the market has wasted little time seeking out THE significant pivot point of 1150.

Bearish the moods and unsolicited apocalyptic warnings regarding Wednesday's German Constitutional Court ruling (and the immediate demise of the EuroZone) weigh heavily on sentiment.

But whilst I strongly suspect these risks still come to pass (especially with regard to the currently 'untradable' Euro) ..... on the basis that the SPX chart looks 50-50 for the next 5% &/or week - I doubt everything unravels this quickly.