Option Investor
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When the EW pattern becomes a mess I like to go with trend lines since they will generally still work well and help decipher possible wave counts (at least in hindsight which then helps me figure out where we are and therefore where we could be going). SPX rallied up to the top of the parallel up-channel from April 21st, pulled back to the broken downtrend line from April 17th and could go either way into the close. It needs to get back below 855 before the bears can claim any kind of victory and at this point the bulls have control of the ball until they fumble it (the first fumble would be a drop below 869 and then 865).

SPX 60-min chart:
[Image 1]

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