No Man’s Land

The trickiest part of harmonic chart is the area between the .786/.886 Fib retracements and a former high.  Even in unrigged markets, this area could mark anything from a prelude to new highs to a slight overshoot of a corrective wave.

SPX has reached this, our upside target, with little trouble, largely on the back on CL’s 63% spike since Feb 11.  Now that we’re here, it makes sense to be a little more cautious.  The manipulation that has been the hallmark of the past six weeks is about to get much worse.

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