For the past 2 days, we had a series of A-B Mountain patterns – where we get a failed 3rd wave to the upside, and then it sells off back to the base level in the mid-2070s. Happened yesterday when we rallied towards 2086 and then sold back to 2077.
Happened again today – rallied up to 2091 and then sold back again to 2076.
The Brexit vote is happening Thursday night into Friday morning. The market doesn’t know which way to go and is therefore just consolidating.
From June 21 overnight:
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