Disliked
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but it will most likely be formed in an ABC three wave structure so some pullback should be expected before the target is reached. A classic pullback area is 38% which it reached yesterday at 1.2310 so be on the look out for that.
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..... but since we are heading into August, I doubt we will get a nice clear corrective wave in three well defined swings. Seasonality would suggest a complex correction through the thin August seasonality. If we are to head higher, S&P500 also will be entering a zone above 1363.90...the key level to watch today BTW..... that suggests that market will struggle in a complex way toward a re-test of 1392.10
August is often a frustrating sideways grind in fits and starts amid thin conditions....