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Wednesday, March 25, 2020

25 March 2020

I anticipated that we should look for wild swings between 2100 and 2600 during the fourth wave of wave (3) of wave 1. That is exactly what we have seen so far. 
There is now a high probability that the SPX futures market will drop over the next week to finish the fifth wave of wave 1 meaning that it will break below 2174. The next support is expected near 2020. That is where I think wave 1 will bottom out.
 If Wave 1 has already completed then it will probably continue to swing between 2174 and 2600 during wave 2, but I feel it's more likely that there is still a fifth wave down coming and 2020 will provide a bottom. 
2600 is an area of resistance and I doubt the market will break much above 2600 during wave 2
The yellow fork is key to figuring out what will happen next. So far it's held.

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