Today's impulsive breakout above Mon's 243.55 high detailed in the 240-min chart below reaffirms at least the intermediate-term trend as up and contributes to our longer-term premise discussed in 06-Oct Technical Blog and special report (attached below) that the market is in the early stages of a base/reversal environment that could be major in scope. As a direct result of this building strength, the market has defined yesterday's 229.70 low as the latest corrective low that we believe is the minimum risk parameter this market is now required to fail below to threaten our preferred bullish count, render Oct's recovery attempt a 3-wave and thus corrective affair, and resurrect this year's broader bear trend. In lieu of such sub-229.70 weakness, further and possibly accelerated gains are expected straight away.
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