The post-report letdown has led to a 3 down or wave i of (iii) down. I expect any rally to stop near the DJI 150-minute M/A. Rallying beyond 12,700 would be unexpected and bullish.
SPX 1320 is my initial target and I certainly would lighten up substantially there.
Steve, could you please comment on Silver- personnally unsure if more room to upside reaction or not- hesitating to load on ZSL right now. I would expect a 50% retrace around 41 but seems not happening so far...
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