The market seems to have to put in the low for its bearish W3. However, whether it is W3 of a W3 or the actual W3 needs to be seen in the days ahead. As a wave rule, the bounce from the low today can not exceed 1298 and if that happens to be the case then we'll probably get at least a 37 point bearish wave from the W4 top to finish up the 5 wave move from 1417. Where it ends doesn't matter that much IMO, what really matters is if the market is able trade above the 200 day MA when the real bounce occurs.
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