Here is the updated chart per a readers request. Note the overlap of w.a has occurred based upon the globex session (see chart below). I've also noted the key area to watch for today of 1261.25 as well as the 200sma of 1261.75. Breaks below these levels would indicate that w. 4 was confirmed complete and that w.5 down is unfolding. Should 1261.25 hold, the possibility exists that a more complex correction for w.4 was still unfolding. SEE last night's Market Pulse for further details.
And here is the globex session showing that price has traded to 1263.25. Notice that the all session front contract has different levels of significance.
Best of Trading
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