As mentioned in the previous article, SP500 encountered resistance at 4600 level and fell hard and next day touched 4444 level.
From Wyckoff analysis, SP500 showed sign of strength (SOS) and left trading range and touched 4600 level where it encountered resistance and now testing 4460 level, where its considered as Backing Up (BU), this BU considered as final Last point of support within trading range. As correlation can be seen with above Wyckoff schematics. A successful re-test of 4460 level would make SP500 ready to go up and enter Phase E. Based on PnF count, SP500 can go 4900 level.
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