As we predicted last weekend, a down turn ensued this week.
What we have experienced today is a 24 point drop on the $SPX, which can be predicted from last Friday's wave from 1,709 down to 1,703.
As expected, we have retraced upwards since 10:30am when $SPX hit 1,685. This retracement can stop right here, or continue until it reaches 1,697 - 1,703.
In the hourly charts, what we have is a an upwards retracement that has not completed yet, we need to wait for tomorrow or the next day to see what happens.
Next down target is 1,657 or so.
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