With the new high today and the reversal back down, it can now be possible that Minor wave 2 has ended. We were just 8 cents away from 1150 on the SPX today. We got into that area and then sold off nicely into the close. It wasn't a big down move, but it could be enough to call a top.
There are also enough waves now to complete this structure. The main thing now is to get some follow through to the down side. We need to continue to sell off and start breaking some key pivots.
1130 is the next big one, followed by 1121. Breaking back over 1150 will be bullish.
The wave structure also looks good on the daily charts.
Watch for those pivots tomorrow!
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