$SPX Faces a Critical Test at the 6700 Level
The key level is $E-mini S&P 500 - main 2606(ESmain)$ 6733 / $S&P 500(.SPX)$ 6700.
Here's why.
In EW 2.0, it's all about proportions.
The W2 (or B-wave) correction in this rally pulled back 2.25%.
The rule: in a valid 5-wave trend, W4 must be equal to or smaller than W2 in PERCENT and/or TIME.
Any decline greater than 2.25% breaks the proportion — and with it, the bullish count.
That level also sits on the midpoint of the massive FVG.
Support STACKED on support.
Hold above it, this is a bullish W4 → W5 continuation.
Break below... this wasn't a rally.
It's the beginning of something much lower.
Sixty-seven-three-three.
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