How quickly this market moves.
Back to the 7,000's we go. Most likely 7800-7900. As this is the .618 fib line of the entire rally we had and its also a 3.618 extension of subwave 1 of our 5th wave down.
Big question here is... is this an impulse wave down or a wxy correction?
To me, it looks like an impulse wave down, which means we'll see a corrective wave attempt to re-rally and then see that fail (or succeed) and then cripple further down.
Won't know til we see more data come in. So stay tuned.
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