Yesterday, the S&P 500 came through with the expected move higher to test 2621 but needed another thrust up overnight or early this morning to definitively mark a low being set. The problem is that the futures are down this morning taking that off the table. Now what? Well, the whole move between March 23rd to the close yesterday is made up of a set of three wave moves suggesting that the wave iv, in teal on the chart below, had become more complex. That means a new low should be on tap today or tomorrow.

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