FX:SPX500   S&P 500 Index
75 2 2
I've now labelled green wave iii             complete on the 4 April high. Yesterday's drop hit the 23.6% retrace of minute waves ii-iii right on the nose; this is a typical target for the a-wave             of iv. There's a remote chance that could have been ALL of wave iv, but I'm expecting another trip down to the 38.2% retrace in (c) of iv; again, a typical target. Fourth waves are among the trickiest. Range-bound trading may be the story for another week or so. Ultimately, I'm still expecting the down-trend line (DTL) from all-time highs to be taken out. Wave v of minor 1 off the Feb low should challenge all-time highs.

Yesterday's (a) wave low was a nice overnight trade long UVXY             . Out right near the bottom (top on vol).
2006.8 to be more exact, the 38.2% retrace measured from start of circle (minute) wave ii to top of wave iii. Shown better here perhaps...
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See note on chart below....
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