We have been advocating that this last few days move up is a retracement of a larger decline.
We called it wave-4 of "c", with a target of 1,640 or bit higher (as high as 1,660). We also said that it would last 1-4 trading days.
If our model is correct, then we would have another leg down, below the recent 1,598 low from last week.
Tomorrow could be another tight range day.
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