The S&P 500 had a pretty strong move up out of a choppy sideways overnight pattern in futures but started to stall out after 11am. I’m tentatively treating that as a wave [II] candidate though bears need SPX under 3975 to really feel good about it.
However, if I drop down to a slightly lower time frame in a futures chart, you can see the pattern might need one more minor high in the swing to complete V of (C) of [II] as there isn’t an easily identifiable five waves up from the early morning higher low.
So far, Euro is pretty tame today as it tested the next overhead target early in the morning but has since chopped sideways. Bears need the Euro to drop under 1.0910 to feel good about a reversal
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