Is this the last S&P downleg? If this is the right EW count, we need to see the last wave 5 down of the bigger wave 5 which may put a lasting bottom in place and start a longer ABC correction in the following months. As noted in a previous post, the index bounced off the strong long term support between 650 and 700 in a possible corrective wave 4 (incomplete for the moment) of bigger wave 5.
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