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⋅ The range-bound oil may break very soon, I think within 1-2 weeks. I rate the probability about 80%.
Since oil and SPX500 have good correlation for the past 10+ months, SPX500 will likely have a small correction too.
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⋅ At this point, a truncated wave 5 is likely though not conclusive yet. Or the original count is simply wrong.
We simply have to wait and see.
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⋅ The bigger picture though it's still valid and maybe even more promising.
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⋅ Break up or break down? We will know by the end of this week.