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Risk Off Rules in ES and Oil, But For How Much Longer?

ES (Emini S&P 500) looks like it could be setting up for a rebound towards a test of resistance, first at 2000-2003, which if hurdled, should trigger upside continuation towards a test of much more important and consequential resistance at 2025.

That said, however, right now, any strength represents a counter-trend rally effort within a dominant downtrend off of the June 8 high at 2119.75.

As for Crude Oil, my preferred scenario continues to argue that the June 16 low at $45.83 represented The Low of the correction off of the June 8 high at $51.67, and as long as $45.83 remains intact, all of the action since then represents preparation for a launch into another upleg that projects to $53 - $54.

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