SP500 Hourly ... Retraced a bit more than the XJO since its July high ... 76.4%(yep, another Fib)... and the SP500 is known to tell the 'right Fibs'. This level is also(~) the 200% level of the 1st minor range out of the Aug low but also the outer rim of the 2nd Arc Pairings shown on the Gann Box "road-map" indicator I have shown(basis that initial minor range, right). The current rally is well above the Gann 1 x 1 major support trendline.
I feel it needs to take a breather so it could be right from here BUT the structure of the move out from the 5118.30L looks very unfinished so I would think any ST weakness will still be bought into. We do have 2 x GAP supports bands. Regardless, it looks increasingly more likely we will see a closer tests of the July high.
All IMHO of course ...
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