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S&P500 In A Corrective Pullback


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Apr 12 2016

**Text updated on Apr 13**

E-mini S&P500 moved has turned slightly down since start of the month so looks like that new corrective reversal is in play. Based on substructure up since end of February we believe that current set-back is fourth wave of an impulsive recovery.

Normally fourth waves will retrace back to the area of a former wave four which comes in near 2010. At the same time we need to keep an eye on 38.2% which is the most important Fibonacci level when it comes to predicting the end of fourth wave pullbacks. That said, further weakness to around 2000-2010 should not surprise us before market turns up for a wave 5).

Are you wondering where is the E-mini S&P500 headed short-term? We have special intraday updates for active day traders. For more details, click HERE

S&P500, 4H

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