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All of the action off of yesterday's low at 1172.25 in the E-mini December S&P has carved out a sideways congestion pattern that is taking the form of a coil -- higher lows versus lower highs -- which my work warns me should resolve itself to the downside in a plunge beneath the series of lows (1172.25-1173.75) into the 1165.00 area initially, and then to 1158-1155. At this juncture, only a rally that climbs and sustains above 1180 will compromise the current congestion pattern.

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