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SPY-The reversal pattern has already been realized.

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
Have you ever had a feeling that the rise or fall can continue indefinitely? Practice shows that it is at this moment that the market reversal occurs. At the moment, we see that the wave structure clearly indicates to us the end of the third pulse wave And, consequently, the beginning of the fourth. Why now? It's very simple: after all, it was at this level that the implementation of the reversal pattern ended.
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