Here is today's wave chart for the e-minis. The trend is clearly downward and we have seen a high volume supply shock today. The market has already rallied about 8-9 points on three separate occasions (blue rectangles). My guess is that the current rally will be a little bigger but it probably won't go much past resistance (purple dotted line) at 842.75.I think we will see the e-minis trading at 825 before the day is done. My initial downside target for the drop from 873 is 805.
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