With the minor new high it can now complete a possible impulse wave from 11847, a reversal back below 12182 is needed to support a decline and argue that the recent high has completed an impulse wave (5 wave advance) from 11847. Further weakness under 12100, coupled with an impulse decline would help the idea of a move lower.

Based on the bigger picture idea from the Dec low, the current move from 11847 could be the end to a significant advance and suggest a much larger decline is close at hand.

A more bullish bias to the market would be considered if the market only saw a 3 wave pullback remains above 11847, any bearish idea needs a completed reversal of the advance from 11847.

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