The S&P 500 took the alternate path and elected to form an impulse down from the high. That is fine, 'a of (iv)' can be a five wave move, and is now pushing SPX into the same type of retracement levels that were touched in futures early this week. The top of that retracement zone is 2572.80 and extends to 2537.30 SPX. The wave (iv) idea is not in serious trouble till under 2467.50 SPX.

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