This pattern analysis of the hourly S&P 500 index chart sees the completion of Intermediate wave (1). There is an observance of alternation throughout. Minor wave 3 is 61.8% of Minor wave 1. A similar relationship occurs between Minor waves 2 and 4. Since wave 3 cannot be the shortest of waves 1, 3 and 5 then wave 5 is required to be shorter than wave 3, which it is.
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