Futures are lending credence to the scenario laid out above. The next big level on the S&P cash 1303.69, which would bring it under 1306.62 and effectively shut down the bulls in the longer term while possibly setting up a hefty bounce. There is no guarantee the 1303 area will be hit. It's just the 61.8% retracement level. Because this is likely a b-wave, anything can happen. B-waves are fakes.
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