The S&P retested the long term swing point at 2930.00 and broke again. In general when a market fails to make a new high/low after the first corrective move, the following move should be much bigger than the first. In this case we know that the first break from the long term swing point hit 23.6% of the move at 2782.00, which was also a major Gann square, so the second break from 2930.00 should take them to 38.2% back of the move up at 2660.00. The long term target from 2930.00 (61.8%) should be 61.8% the other way based on the 61.8% rule and this is 2475.00. One thing to watch for on the current break is they hold, or trade below the 2782.00 major Gann square and then close well above it, if this happens look for a retest of the 2930.00 long term swing point and possibly even up to the 200 day average at 2997.00.
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