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The 3 falling trend lines of resistance that should end the ABC (wave 2) up sometime Wednesday (or Thursday morning at the latest).

Midday Update... the market is falling toward those 2 falling trend lines now and could ride them lower all day or turn back up here soon. This is a 5th wave down from the FOMC high to complete a larger wave 1 down or A wave down. Next we should see a short lived ABC up to make the wave 2 up. I think we'll see that on Wednesday but it could start anytime today as there's lot's of support just a few more points down. The ABC (wave 2) up should hit resistance from one of the falling trend lines at the 1940, 1950, or 1970 area as shown now where each of the 3 trend lines are pointing at. Which one it stops at is unknown, but I should have a better idea Wednesday. I suspect it will be one of the lower ones but it's just speculation here. If we see a straight move up to the 1940 or 1950 area with no pullback then that could just be the A wave with a small B down to follow, then a C up into Thursday morning near the 1970 area falling trend line... which would end the wave 2 up. However, if we see a quick A up, B down, and C up that ends all around 1940-1950 sometime Wednesday then that could be all we get before a larger wave 3 down starts into the end of this week. When that happens I do expect 1900 to break as we head down to retest the 1831 futures low. For now though we'll have to just wait until we see the bounce Wednesday to figure out the area the wave 2 ends up at.

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