The SPY has unfortunately broken down from its recent consolidation rather than up like we were anticipating. Our downside target we discussed is 393. We are really close to it and I will start looking for the next setup soon. I think it most likely we get a bounce from the targeted levels before the next structure forms.
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Here are the levels I am watching as well. I think this move mostly invalidates the larger BLUE structure we had been watching as well. This seems too deep of a pull back.
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