Yesterday's action was very bearish as they sold them hard. Volume on the downside was 90% and the VIX rose by 12+% enforcing the bearish sentiment. We need to break 990 for the structure to be clean but we should at least get a little re bound today no matter how small it could be.
The next level below is definitely 975 which is where the B completed and the bulls will definitely try and defend this to the last. Bears don't want us to revisit 1028 area, but I dont see anything positive in this structure.
As I have been singing since the bottom, the top should be around 1045/1054 area and we visited 1040, so that might be enough to satisfy the structure off the bottom. Do we go straight back down? Nope but you need to be bearish here or if you long start getting flat.
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