SPX Eyes 5th Wave Rally Above 6807 Support
Lean remains that $S&P 500(.SPX)$ should develop a 4th → 5th wave sequence, using the new Daily FVG (6870–6807) as support for the 4th wave
As long as price does not retrace more than 50% of the 3rd wave (currently at 6783), the 5th wave rally remains favored targeting 6950-7000 🎯
A Daily close below 6807, would issue a bearish warning.
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Alternate:
SPX exceeding 6900 (61.8% of the 3rd) with an incomplete wave count increases odds the larger 5th wave extension is playing out targeting 7000-7200.
That is in play as long as price continues to respect the Daily FVG in the 6870-6749 range.
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