With the S&P 500 futures starting off lower early this morning and likely a gap down in SPX under 2744 on the open, the idea of one last wave up for 'b of (iv)' is dead. Instead, we are in the early stages of 'c of (iv)' down. There is a decent chance that the low for the day was set in futures and the rest of the day is spent working to fill the gap from last Friday.

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