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Elliott Wave Analysis
If prices are unable to hold the breakout level around 3233, SPX may be completing and ending diagonal 5th wave. If that is the case, I believe we would likely see a quick correction down to around the base of the diagonal. Other evidence to support this possibility include bearish divergences in momentum and market breadth, as well as smoothed P/C ratios at low extremes for the year. Failed breakout needs to happen first, though. Must wait and see.
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