Last night I began to second guess myself and started to wonder if the wave [IV] bounce I was looking for had already completed and that the low of the day yesterday was [V] of i and thus due for a wave ii bounce. Well, there was quite a bounce overnight in S&P 500 futures such that we had today open up against resistance. I thought there would be retrace from this area but wasn’t expecting a new low on the day. As it turned out, the morning high was the fourth wave I was shopping for and had SPX drive to a new low on the day to the 3970 target. Now want to see 3970 to 3964 hold and for the equity markets to grind up out of the hole. First sign that bulls are taking back control in the short term is grinding up through 3989 to 3993. I would think an [A] of ii would try for 4017. We will see how much they can bounce back up into early next week before bears come back out of their caves.
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