A month ago [see: Crossroads Ahead ] we targeted the 1.618 at 2335 as an attractive target for a pullback. The only hitch was that SPX then broke out of the rising white channel it was in, making the backtest a little tricky.
The decline has been forced on an otherwise exuberant (thanks to the algos) market by oil’s timely decline and a (coming) plunge in USDJPY. Will the backtest hold, or is something nastier in store?
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