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Initial leg down from a probable top may not have completed quite yet. A deep retrace from a lower target would most likely be the confirming signal but it is not required. Any higher high might produce an alternate scenario but vectors are not supporting that just yet. Waiting game again. Volatility derivative VXX is gaining strength after breaking up. That does not look promising for ES to create higher highs in the near-term. If that did occur- it is anticipated that VXX would not take out it's lows.
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