Today only a short and brief update, it is holiday in Madrid so I will try to spend most of the day with my children.
Yesterday we had a gap down and go.
The 1340 SPX key pivot support level was breached. The Dow erased the positive divergence that was sustaining the “live on hopes” scenario of an immediate bullish resolution of the corrective pattern.
It is now a fact that SPX despite it is unfolding a corrective EWP now it has only “thin air” until a potential target box located in the range 1300-1285 where I expect price to establish an important bottom.
The overall picture in my opinion remains bearish. As I mentioned in my last weekend update my preferred scenario calls for a wave (B) pullback.
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