The market tested 1112.75 twice, and managed to go about 2 handles above that level.
When the market forms a 3-wave correction, the correction wave usually doesn't go beyond 62%. When it does, be suspicious. In this case, we got a 3 wave correction to the upside rather the downside follwoing a correction of the earlier down wave of more than 62%. However, once above 1112.75, upside momentum weakened as we go into lunch.
Charles
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