Today's intraday rally occured in 3 waves indicating that the correction is still in progress. It is not clear if wave c of a flat correction is unfolding or some other type of correction. Today's action also underscores why I stated that it would not be a good idea to sell this rally. The risk remains to the upside, and the longer the markets fail to break down the greater the likelihood of a strong breakout near term.
Patience.
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