I'm still waiting for clarification of the short term. There's heavy weakness today but that should be no suprise with the market gaining almost 3% in two days. Breadth this morning is very weak though, so one's really buying stock so far. I'd like to see the decline continue and breadth get horrific, with at least 90% of volume on the NYSE to the downside. Until then, the door is open to new highs. I have a gut feeling, and that's all it is, that the S&P will gravitate to the 1320 level.
There a few possible wave counts for what's transpiring right now. I'll post them shortly.
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