On the weekly S&P chart we can clearly count five waves down from the 1576 top to 670 area lows, in a move that was reversed in 2009 by bullish price action shown in the red wave B)/2). We are counting that move as a corrective W-X-Y pattern, which looks to be near completion. In that case, a bearish scenario is expected over the months ahead, where a move below 1000 support (wave X low) could be a key level for a potential downtrend.

TheLFB Charting: S&P Futures weekly view

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