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SPY popped to a new ATH at 754.00 in pre-market trading on the news that the US and Iran are nearing an agreement on the Strait of Hormuz, but the SPX ETF has since receded to the 751.75 area, again, in what I think is a disappointing reaction to this news... although to be fair, every couple of days we get news that a deal might be done that turns out to be wishful thinking.
In the April episode of my Coinbase series, I asked the question of whether the February lows will hold. I expected them to hold until circle-B is completed, and so far they have. However, despite an attempt to reach my B wave target between $230 and $300, this month’s rally failed at $222. On one hand, the failed rally confirms that COIN remains locked in a major correction that may ultimately take it as low as $59. However, it also opens the question as to whether circle-B has already completed, and COIN is ready to drop below $100.
The evil purple count is now at support in gold, and this is the last opportunity I am giving the market to either prove that evil count, or to let us know that we are going to be heading to the lower targets in a more direct fashion.IF you look at the 60-minute gold chart, you will see the 4400 region as the support I have outlined by the red support line.
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